Blockchain Technologies are bound to heavily impact the fabric of the global economy. There will be strategic implications for entrepreneurs, business leaders, managers and just about anybody running a business.
The primary feature of Blockchain Technologies is that they enable decentralization. Already today we are witnessing industry wide transformation in a number of sectors, such as
- Financial Service: trading; deal origination; securities; equities; fixed income; derivatives trading; return swaps; second generation derivatives; collateral management; settlements; payments; transferring of value; know your client (KYC); anti money laundering (AML); client and product reference data; crowd-funding; peer-to-peer lending; compliance reporting; trade finance; risk visualization; betting; prediction markets.
- Supply Chain: trade finance; commodities pricing; real time auction for supply delivery; pharmaceutical tracking and purity; agricultural food provenance tracking; shipping and logistics management; fraud prevention.
- Insurance: Claim filings; property payments; claims processing and administration; fraud prediction and prevention.
- Media: Digital rights management; game monetization; fine arts authentication; purchase and usage monitoring; ticket purchases; fan tracking; ad click fraud prevention; authentic assets trading; real time auction; ad placement.
- Asset/Titles: Diamonds; designer brands; car leasing and sales; home mortgages and payments; land title ownership; digital asset records.
- Identity: Personal; objects; families of objects; digital assets; multifactor authentication; refugee tracking; education; purchase and review tracking; employer and employee reviews.
- Internet of Things: Device to device payments; device directories; operations (e.g. water flow); grid monitoring; smart home and office management; cross-company maintenance markets.
- Payments: micropayments; business-to-business international remittance; tax filing and collection; wallets and personal banking.
- Consumer: digital rewards; sharing economy (like Uber and AirBNB); peer-to-peer selling; cross company brand and loyalty tracking.
- Resources: Energy, waste and water management; resource extraction and framing; environmental monitoring; industrial operations.
- Government Services/Public Records: Certificates (Birth, Death, Marriage); Taxation (Income Return, VAT Declaration, National Insurance); Customs (Fees, Trade Records); Criminal records and Crime Prevention (KYC, AML, ATF); Licenses (Driving, Trading, Professional); Identity (Residency, Passport, Company Registration, Academic Records and Titles); Health records; Ownership titles (Land, Property, Vehicles, Ships, Aircraft); Intellectual Property (Copyrights, Trademarks, Patents); Notarization, Power of Attorney, Wills, and Succession; Election registers and Voting; Tendering, Purchasing; Benefits disbursements; Veterinary services.
Any business must seriously start to contemplate how Blockchain Technologies will affect them, and develop either defensive tactics or offensive competitive strategies. The most forward looking businesses will invent new business models that will allow them to disrupt themselves and their competitors by means of new, disruptive and decentralized business models.
If you need to create such decentralized business models, get in touch with ChainStrategies today.