Businesses must evolve in order to see where their customers want to go, and that will only happen with an embrace of agile and a move toward digital transformation. To get there, companies must adopt a different mindset, one that emphasizes and rewards sustainable innovation within the organization. This can only occur with a collaborative approach that empowers and encourages design and engineering teams to work shoulder to shoulder, quickly and efficiently, to reach their respective goals.
There has been a great deal of talk about Blockchain. How can blockchain technology optimize business processes?
Most of the business value of blockchain is derived from smart contracts and distributed ledgers. Smart contracts are chunks of computer code that allow for automated processes between different parties without the need for middlemen. For example, a blockchain-based airline ticket could refund customers if a flight is delayed with the money being automatically
Distributed ledgers allow for a number of parties to share the exact same information about products or processes at any given time. This solves issues around trust, reduces communication back-and-forths and can eliminate unnecessary administrative tasks.
In today’s environment, how can Blockchain reduce costs?
The most important way that blockchain can reduce costs is by removing middlemen. This can transform industries where trusted third parties are required to complete processes or transactions. For example, when buying a house, blockchain could allow you to access a mortgage marketplace without the need for brokers. Musicians could sell their music directly to fans without the need of Apple Music, who take roughly 30% of each song transaction or record publishing groups who can take significant percentages of artists income.
The blockchain potential in financial services is considerable and has several applications which span across payments, trade services, investment management, securities and commodities exchanges.
Imagine an airline that could refund you automatically a portion of your flight cost if there is a delay in takeoff. It’s something we can accomplish with blockchain and competitive airlines will be incentivized because it allows them to reduce their need for staff and some of the administrative processes in place today.
Distributed ledger technology allows for mutli-party value chains to reduce the need for manual data record and sharing processes. This will impact non-value creating staff and the time required for organizations to share with one another.
Andres Angelani is the CEO of Softvision, a digital services company that sits at the intersection of strategy, design, and execution for the world’s leading global brands. Prior to Softvision, Andres was one of Globant’s pioneers and recently served as the CSO. Before becoming CSO, Andres founded and served as the EVP and GM of Globant’s gaming studio, leading business on the West Coast, as well as VP of Engineering and Director of Global Presales Consulting from the U.K. He held other positions at Synthesis Information Technology, Electronic Data Systems and Sistemas Estrategicos. Angelani is a frequent speaker and thought leader on how to scale digital innovation in organizations. He also co-authored a book titled The Never-Ending Digital Journey: Creating New Consumer Experiences Through Technology.