News today that the UK Government is set to regulate the use of bitcoin to reduce the impact of money laundering means that this new technology is firmly in the news, along with the rapid rise to be valued at over $10,000. We should not lose sight though of the underlying technology – blockchain and other uses.
Cryptocurrency is just one use for distributed ledger technology such as blockchain and variants such as Ethereum which features smart contract functionality.
Just as when the internet became publicly available years ago, we all went about finding a good use for this technology. I am sure few would have seen that in years to come, the technology would underpin communication and commerce globally, and drive an interconnected web of devices via technology such as the Internet of Things (IoT)
Clay Christensen famously said in an HBR article in 1995 that “Managers must beware of ignoring new technologies that don’t initially meet the needs of their mainstream customers.”
For this reason, I urge people that watch me speak about disruption to take look at these emerging technologies and see how they might be adapted and adopted into their business or industry.
The same applies to blockchain. Don’t get distracted by the noise around bitcoin – look beyond the hype and see how a distributed ledger could streamline your business.
A few weeks ago I outlined how GDPR will be the catalyst for digital agents and reduce the reliance on interruption advertising, and also how smart contracts will revolutionise the property industry.
Why not spend some downtime over the Christmas holidays as you plan for 2018 seeing how these new technologies and platforms can transform your business?