The confusion surrounding blockchain makes it difficult to understand blockchain’s benefits for businesses and governments. Given the speculation surrounding cryptocurrencies, some do not realize blockchain’s true potential to create value. As a result, most organizations risk falling prey to “blockchain washing” from vendors and digital giants.
Companies that are most likely to benefit from blockchain are those that need transparent and clear transactions, are looking to move away from paper-based legacy storage systems, and/or transmit high volumes of information.6 To keep up with this rapidly-evolving technology, you need to familiarise yourself with blockchain policy in order to understand its effects on business and the future of marketplaces and economies.
By 2020, it is predicted blockchain networks will be used in increasing numbers of large organisations, with at least a quarter of companies on Forbes’ Global 2000 list utilising blockchain services at scale.
Their blockchain solutions could become Trojan horses that lock in an unsuspecting company while exposing their data and competitive advantage.