Blockchain technology is just one of the five major technological transformations moving through the industry. In this series, we will discuss the value and impact of each technology, its role, and how it can deliver a competitive advantage.
Blockchain has taken off over the last couple of years because we are taking the principles of blockchain technology — the security, the redundancy, the ability to prevent hacking or theft — from a public cryptocurrency infrastructure and applying them to business transactions.
Everybody wants to do some blockchain proof of concept or pilot. To ensure you focus on the right ones that create value, we have a five-point test to check whether blockchain is a good solution.
Number one, are there multiple parties in this business ecosystem? Number two, do you need to build trust between the parties? Third, are you managing finite resources? A lot of the underlying technology of blockchains is created to prevent people from double counting the assets.
Fourth, is there a complex set of business rules that bind the parties together so that it is more than just a simple back-and-forth? And fifth, does the ecosystem benefit from some level of increased transparency?
If you can say “yes” to three or more of these questions, the chance is that you have a compelling case for using blockchain technology.
Internet of Things (IoT)
IoT is changing how we build new businesses and integrate existing companies or make our existing businesses more efficient.
There are two main entry points for IoT uptake. One is business profitability through reducing costs. IoT provides the possibility to measure, and if you can measure, you can manage.
The second entry point is to create new revenue streams from business processes that don’t yet exist. IoT can connect machines with machines and assets with assets without human interaction.
Artificial Intelligence (AI)
AI is accelerating disruption, and it will bring about changes requiring companies to weave this capability deep into their enterprise.
AI is not one thing; it is a set of methods and tools that can solve many problems.
At the point of convergence between computation, data, and science, AI is now much more practical both in the cloud and on edge.
Intelligent Automation (IA)
Robotics Process Automation (RPA) was a term developed in 2008 and is a new form of technology that is not a physical robot. Still, it is software executing tasks as humans would do. It has evolved now into Intelligent Automation (IA).
Recently, a transformation has been challenging because we needed an underlying way to reinvent how business was done. But what IA does is allow us to reinvent business on machine hours, not people hours.
Out of all the four main new technological transformations happening in the world right now, we would like to continue with one that we mentioned first in the article: blockchain.
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