The opportunity with blockchains and distributed ledgers exists in the ability to enhance the efficiency and workflow of transactions...from banks exchanging currencies, insurers issuing bonds and derivatives to the capital markets, retailers sharing and pooling customer rewards, even renters paying their landlords. Where there is an exchange of information, goods or currency, blockchains and distributed ledgers can expedite the transaction, reduce waste, and streamline the process –most likely shaving costs in the process.
Seeing the breadth of industry applications at this event was the real eye-opener. When considering the nature of a “transaction,” it’s not a stretch to say they are inherent and ubiquitous to virtually every industry. It is no longer a question IF blockchain will impact your industry, it’s a matter of HOW and WHEN. Discovering ways to incorporate the technology into your digital product will be a major driving force on how your team innovates in the coming years.
One last thing: when sending transactions through a blockchain system, there is a bit of a leap of faith required to turn transaction verification away from a third party and toward a publicly sourced ledger. One of the biggest challenges for enterprise adoption of blockchain systems is in vetting counterparties, ensuring privacy and security, and establishing the legal and regulatory foundation for engaging in these sort of transactions.