Blockchain — The Next Big Disruption is Here. Time to adopt.
On the 31st of October, 2008 the white paper “Bitcoin — A Peer-to-Peer Electronic Cash System” by Nakamoto 2008 was circulated among an email list of cryptographers that described a digital currency system supported by a newly titled blockchain technology. The proposed system for electronic transactions without relying on trust has since served as the basis for an abundance of technologies from neobanks to supply chain & logistics all seeking to disrupt and revolutionize industries.
In Australia, the significant disruption of blockchain is clearly evident, with the largest banks spending billions of dollars in response to the threat of neobanks by investing in fintech and replacing legacy systems. The federal government is spending millions on a blockchain initiative to transform the Queensland sugar industry and the ASX is replacing CHESS with blockchain technology.
Following the trend of any new technology, a debate has recently arisen regarding the future pathway in which blockchain will take. Some technologies such as 3D printing and augmented reality were expecting to transform society, but the actuality has so far failed to live up to expectations.
A 2018 survey from Gartner reveled fewer than 1 per cent of CIOs globally (including 113 in Australia and New Zealand) have invested in or deployed any kind of blockchain-based solution. However, can the future trends of blockchain impact the decision-making process which face the technology leaders.
Today we are spoilt with an abundant of new technologies listed as the next big thing that leaders should adopt to avoid being left behind in the fast-paced digital environment. However, leaders need to navigate the sea of trends with an understanding of the important and critical functions to arrive at a crystal-clear purpose that provides competitive advantage for the whole company.
We are currently going through a confused decision-making phase where corporations, governments and the general public are unsure on how to apply blockchain. Fear of missing out on a new technology sometimes leads companies to develop solutions to problems that don’t exist. There’s no doubt blockchain has entered a period of disillusionment when analyzing the technology with a broad lens on…