The Harvard Business Review published a piece that stated businesses “…need to ensure that their staffs learn about blockchain, to develop company-specific applications…and to invest in blockchain infrastructure.” The article appeared in the January-February 2017 issue. Though it argues that blockchain is still developing, it will still impact your business while it evolves. These assertions were also made years before a market for non-fungible tokens and virtual real estate emerged, which are possible due to blockchain technology.
By looking at how TCP/IP (Transmission Control Protocol/Internet Protocol)—introduced in 1972—morphed into the WWW model in the 90s, you can see parallels between the internet and blockchain. The former created a surge of internet-based companies, leading to the dot-com crash. We are still watching the former’s ascent.
The dot-com bubble didn’t begin until 1995, 23 years after TCP/IP was introduced. Despite how technological growth happens exponentially, even proponents of blockchain claim that it could take decades to realize its full potential while also being accepted by politicians and private citizens. The challenge for business owners centers on when you should incorporate an element of blockchain technology into your business.
For many people, they do not need to jump into it at the moment. Look at the needs of a company that must process data in real-time rather than near real-time or batch. Any business that relies on information being processed immediately or in real-time likely has no current need to adopt blockchain because it cannot meet the demands of its business structure.
Business owners cannot afford to have tunnel vision when looking at blockchain technology. Blockchain gave life to cryptocurrency and private ledgers, but it is more than either one. For instance, when we talk about incorporating blockchain, we are not discussing whether your business should accept Bitcoin or Ethereum. Many companies may see it as an exchange platform—and each of their transfers or transactions could be validated and secured without the need of an outside party.
Watch the consumer. If people do not need a third party such as a bank or other financial institution to transfer money or assets securely, the financial industry will face significant challenges. What happens when the consumer feels safer receiving the title of their home as an NFT? The degree to which the consumer trusts blockchain could require your company to adapt.
Inceptiv Law
Inceptiv Law is committed to offering you more than advice; we want to move you forward. We have extensive experience working alongside and supporting companies within the tech industry, including SaaS, software and mobile applications, and blockchain. For more information about how we can assist you, contact us to schedule your consultation.
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