Opinion – Whether blockchain technology, the bitcoin‘s backbone, has the power to revolutionize many industries is an argument with a foregone conclusion.
So far, the story has always been the same across public and private sectors with a new application being discovered almost every day. From assets exchange to smart contracts and the management of big data records in the medical, financial, and legal industries.
Leading tech companies such as Amazon, Google, and Microsoft have actively been researching blockchain solutions, and it will only be awhile until the technology comes to the mainstream.
Just like many of the world’s biggest inventions, the incubation, validation, and adoption of a new system would swiftly lead up to efforts to turn it into an income stream and this trend is not about to change with blockchain technology.
In fact, many confirmed initial use cases of the blockchain technology are already on the path to be deployed as production solutions to many industries. There are multiple applications for virtually every field penetrated, and this will no doubt correspond to the number of blockchain based products and services to be rolled out by consortiums within the next 12-18 months.
Leading company CIO’s that focuses team resources toward initial blockchain use cases that can be turned into individual solutions, will pioneer the large-scale adoption of the technology.
Creating innovative solutions that guarantee additional revenue sources or at least cost-saving opportunities for enterprises will mean less time will be required to drive commercialization.
A similar approach would apply to the strategies, objectives, implementation roadmaps, and skill sets.
With the right incentives offered to stakeholders and partners who form a part of the solution development process, CIO’s can deliver full business value and invariably drive massive ROI across companies.
The absence of universal technical standards for implementing blockchain systems would leave CIO’s with the work of defining the company and industrial standards.
Even though this approach has the potential differences across individual firms, a routine check to ensure that the defined standards comply with newly discovered blockchain applications will be the key.
Also, an interchange of best working practices discovered by blockchain teams through a forum can ensure that global commercialization is achieved within a limited time.
The interaction of blockchain based products built across many companies and industries is a possibility that will come to fruition in the future blockchain ecosystem.
This may be the highest point of the technology as digital assets can be shared seamlessly across blockchains as with the global Internet of Things (IoT).
This coordination will give birth to technical standards that will define the blockchain space and promote more connections of blockchain systems.
For leading companies who keep up with the blockchain trend and development, a massive ROI and investment into the world’s most secure technology would have paid off.
Even though full blockchain commercialization and coordination lives in the future, ultra-fast modern implementation across different companies and industries mean we are on the right track.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.