Blockchain Disruption Is Coming: How Businesses Can Prepare
Many of us have been thinking about disruptive technologies for several years now. But how do we determine what is real, transformative change and what is hype and baseless buzz?
Blockchain has been among the most talked-about of disruptive technologies. Some are convinced this is due to the technology's close connection with the cryptocurrency industry, which has a direct impact on the world's most powerful financial trends; others focus on how the application of blockchain technology in various industrial sectors will enable significant value.
For blockchain advocates like me, comparisons are often made with the emergence of the internet in the 1990s and its impact on our daily lives. We use the internet all day every day, but many of us rarely think about the technology itself. In the emerging future, I believe we will probably think of blockchain the same way. If this is the case, how can businesses prepare for what is to come and position themselves to take advantage of the emerging technology?
For answers to this question, let’s look to the second half of the 18th century, a time when machines began to replace manual production and disrupted harsh, relatively inefficient manual processes. This was the first Industrial Revolution, and as business adapted, political, economic and social systems around the world were transformed.
At that time, the vast majority of humanity was not fully prepared for the disruptive impact of technology on existing social systems. The rapid application of steam engines in various manufacturing and transport sectors increased the need for additional energy production, and there was a transition from operating as a feudal society to a modern civil society as a direct consequence.