Distributed ledger technology and digital tokens are rewiring commerce
But lack of trust and regulatory uncertainty means few businesses have fully committed. Here’s a look at where companies are in their blockchain journey, and four strategies for navigating this new world.
Signs of the new blockchain world
Tokenised everything The representation of real or virtual assets on a blockchain is spreading to raw materials, finished goods, membership rights, and more. These digital tokens will transform company processes and usher in new business models.
ICOs are self-funding the tech Initial coin offerings, in which a company sells a predefined number of digital tokens to the public, are a growing alternative to classic debt/capital funding. They’re raising billions of dollars for the development of blockchain technology platforms.
ERP + blockchain Enterprise software platforms that are the engine for company operations like finance are beginning to integrate blockchain. Using blockchain with their ERP systems, companies can streamline processes, facilitate data sharing, and improve data integrity.
New leaders emerge Our survey respondents still perceive financial services to be the current and near-term future leader of blockchain, but other industries are on the rise (see the diagram above).
It’s hard to trust blockchain
By design, blockchain can foster trust. But in reality, companies confront trust issues at nearly every turn. 45% believe lack of trust among users will be a top barrier.