This BlockChain Applications Infographic demonstrates some of the commercial ways the blockchain will be used.
The Blockchain Revolution will touch every industry and transforming organisational structures and operations. The blockchain began with the cryptocurrency called Bitcoin, but has since gone on to spawn new blockchain systems.
The fundamental part of these systems is a distributed ledger technology that allows peer to peer transactions across a distributed ledger. Entrepreneurs and CIOs are now recognising the huge potential for transforming digital business models. Their goal is to reinvent the established model of commercial activity by removing intermediaries and enabling more-fluid business processes to be conducted in a range ecosystems.
BlockChain Applications Infographic – The Benefits of BlockChain Technology
Opportunities and Challenges
- Blockchain technologies offer a departure from the current centralised model of record-keeping. It will transform business operations and in particular supply chain operations.
- Blockchain technologies enable a standard trust architecture that allows untrusted entities (both human and nonhuman) to undertake commercial transactions and exchange value with a diverse range of assets.
- The blockchain technology concepts that are being developed are in their infancy. Many are poorly understood and unproven in mission-critical large scale operations.
- Blockchain technology has operated outside traditional legal, accounting and institutional governance frameworks. The blockchain is peer-to-peer transactions thus cutting out larger intermediaries like banks.
What You Need to Know
Executives need to build and expand the digital business:
- Blockchain is an new technology model that uses distributed and de-centralised computing networks to offer greater levels of security and lower costs than traditional methods.
- Blockchain is a new way to manage trust between untrusted parties by supporting an immutable record of transactions and other types of value exchange.
- Many blockchain technologies are not fully developed. Some are untested, and will require early adopters to accept significantly increased levels of operational risk over the next five to seven years.
- The vendor ecosystem is neither cohesive, nor fully formed. Companies are competing for attention with professional services firms and startups. Organisations need to carefully assess and evaluate the market and how it will evolve.
BlockChain Applications Infographic
This blockchain applications infographic gives an overview of the many transformative ways it will impact industries.
Infographic by PWC