Bitcoin, cryptocurrency, blockchain. Blockchain – a term that is becoming increasingly important and relevant, and not just in relation to cryptocurrencies! Blockchain is a hot topic and more than just a trending topic; we think it’s time to give you some insights into this new technology.
Not only the rapid technological development, but also constantly changing customer behaviour and regulatory adjustments are forcing companies to critically review and, if necessary, question their existing business models and processes. In this context, blockchain technology represents a great opportunity: Decentralisation, irreversibility and smart contracts play a decisive role in this transformation as characteristic features.
Technological evolution: cloud computing, AI, robotics and blockchain
Innovations such as robotics, AI (artificial intelligence), cloud computing and the mobile economy have made it: fuelled by social media and digital identities, they have rapidly risen to the top in just a few years. They have established themselves to such an extent that they have now become an integral part of the collective. Naturally
It is therefore essential for companies to understand how this technological progress affects their business models. This is the only way they can adapt to the new circumstances. Today, the entrepreneurial power to change is a necessary must, if not an indispensable potential. Only in this way is it possible to defend or even expand existing competitive advantages and market shares.
Keyword ‘transformation strategy’
This adaptation, adjustment and customisation is the result of a transformation strategy that determines success or failure. In recent years, the world has repeatedly demonstrated that former market leaders perish if they fail to adapt. Due to a lack of transformation strategies, they lose market share until they eventually disappear from the market altogether. To counteract this, innovative technologies should be constantly monitored, scrutinised and then evaluated.
“Decentralisation revolution”
The current hype surrounding blockchain can be compared to the hype surrounding the first commercial use of the internet.
The World Ecomomic Forum defines blockchain technology or distributed ledger technology (DLT) as a technological protocol. This allows data to be exchanged within a network directly between different contracting parties without intermediaries. The network participants use encrypted identities, making them anonymous. Each individual transaction is stored in a rigid and therefore unchangeable transaction chain and distributed to all network nodes.
Blockchain in the future or already now?
Accordingly, blockchain is said to have great potential to radically change a wide variety of industries, business models and operating processes; payment transactions, accounting, the use of customer/reward cards, etc. could all undergo a (r)evolution.
However, it can currently be assumed that this new technology will most likely only gradually become established. It can only become more firmly established depending on the development of acceptance in the private, public and commercial sectors.
For precisely this reason, we believe it is less a question of whether blockchain will become established, but rather when, where and how.
What do you think, please let us know.