The Contribution of Blockchain in Business

The Contribution of Blockchain in Business

Globally, most companies have not realized the benefits they can obtain from blockchain technology despite its existence for an extended time; however, it’s quickly gaining adoption.

The first thing to do for a business that wants to use blockchain is to evaluate the value that it will offer customers. This shift requires businesses to provide value in innovative ways. According to Ferguson (2018), Rainmakers uses big tech companies to place salespersons, but this will soon end as this technology grows; new techniques like phone screening and ensuring the accuracy of user data are available. It facilitates the relevancy of enterprises while also having users’ confidence in them. This aspect comes first because users have to know the utility they get from using this technology.

Secondly, it is vital to decide how many people can access the decentralized, immutable network. Public blockchain networks have plenty of data where people can share much information that may be present from a site. Private Blockchains hold more detailed data that get paid for access; it can help organizations raise revenues. It is the second most vital factor to consider because businesses need money to keep running.

According to Ferguson (2018), it’s not easy to abruptly have many people join a network since this is a relatively new technology. To have more job seekers join Rainmakers, they collaborate with hiring companies. It motivates job seekers to create their profiles on its blockchain; entities attract more people to join their networks by providing crypto-tokens whenever they make transactions in the blockchain. It is third when gauging the level of importance because, in any business, you have to first draw in customers and convince them to buy what you offer by providing services of superior quality.

Conclusion

Blockchain can improve processes in any organization, but it takes a lot of effort to incorporate it and make it run smoothly. Despite this, it’s worth the investment because the returns outweigh the cost of the infrastructural set-up.

References

Ferguson, M. (2018). Preparing for a Blockchain Future. https://sloanreview.mit.edu/article/preparing-for-a-blockchain-future/

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The Contribution of Blockchain in Business

I have opened up the Discussion Board Assignment pertaining to the article “Preparing For A Blockchain Future”

It is an excellent article and it does align with iBPM because you need to know the Transformative Technologies and Trends in order to put any type of Intelligent Business Process Management (iBPM) in place! How are you going to do a Process if you do not understand Current Technologies and Trends!

For the Discussion Board now opened: The author, Michael Ferguson, is self-employed in the executive recruiting business. He sees the trend of Blockchain coming and this Decentralized Digital Ledger can possibly disrupt his business (and put him out of business because his business is centralized). With Blockchain technology (and I am not talking about crypto-currency), this Decentralized Digital Ledger has the potential to disrupt Centralized Platform Businesses such as Ticketmaster, StubHub, Airbnb, etc.

• And, you know how LiveNation (which owns Ticketmaster) responded to the threat of Blockchain? LiveNation ACQUIRED A BLOCKCHAIN STARTUP to add Blockchain Technology To Ticketmaster!! That is Business Process Management! https://www.livenationentertainment.com/2018/10/ticketmaster-acquires-blockchain-ticketing-solution-upgraded-21/
• And, you know you eBay (which owns StubHub) responded to the threat of Blockchain? eBay SOLD StubHub! https://techcrunch.com/2019/11/25/ebay-to-sell-ticket-marketplace-stubhub-to-viagogo-for-4-05-billion/

2 Different Responses To The Possible Threat of Blockchain Disruption.

So, Ferguson in the article has to ask 3 Questions to answer this possible Blockchain Disruption:

1. 1) How I am going to create value for my customer in this Blockchain world?
2. 2) What information am I going to make Public in the Blockchain and what am I going to make Private…meaning Public is free, but Private I want to monetize. Similar to Free Content versus Paid Content. What am I going to make Free (Public Blockchain) and how am I going to continue to make money in my business (Private Blockchain)
3. 3) What incentives should I offer to get people to join my Blockchain?? Similar to podcasts, there will be 100,000+ Blockchain businesses in the future.

What incentives do I get to people to listen to my podcast? Same question – What incentives do I get people to join my Blockchain.

Discussion Board/Prompt: