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Our latest report is out, led by my colleague Jessica Groopman and building off prior blockchain research I’ve conducted. Beyond the cryptocurrency hype, how will Blockchain actually impact business models? When it’s combined with IoT technology, it will give a rise to autonomous systems working strongly.
Here’s the report “The Internet of Trusted Things: Blockchain as the Foundation for Autonomous Products & Ecosystem Services” where we outline specific business use cases, and how it can impact supply chain, IoT network management, end user authentication, on-demand asset sharing networks, and finally, smart contracts.
This report is for forward-thinking executives and innovation leaders interested in exploring how distributed ledger technologies support IoT and automation strategies
By Jeremiah Owyang and Jaimy Szymanski
Blockchain technology has the potential to upend the way every industry manages its information and data, not only financial services.
Imagine being able to track shipments through your supply chain with ease, down to the individual package or even component level. Or, executing a contract with a vendor without the need for an intermediary auditor. Blockchain can even help verify materials and food sourcing to ensure health and ethical standards are maintained.
Though most who are familiar with the technology equate it to Bitcoin, opportunities abound in other verticals in effectively storing transaction, customer, and supplier data in a transparent, unchangeable ledger online. Any relationship that depends on third-party maintenance, or those that require multiple data sources to fulfill customer expectations for cohesive experiences, can be improved by blockchain applications.
In the latest Crowd Companies market projection report, “The Business Models of Blockchain” (available to our innovation council members only), we explore how blockchain technology enables transparency and accountability of assets in every industry through shared, immutable ledgers. These impacts are outlined at a high level in the infographic below. (Click here or on the image for the hi-res version to share with your networks.)
The potential industry disruptions included in the infographic are:
Legal: “Smart contracts” stored on the blockchain track contract parties, terms, transfer of ownership, and delivery of goods or services without the need for legal intervention.
Supply Chain: By utilizing a distributed ledger, companies within a supply chain gain transparency into shipment tracking, deliveries, and progress among other suppliers where no inherent trust exists.
Government: Blockchain offers promise as a technology to store personal identity information, criminal backgrounds, and “e-citizenship,” authorized by biometrics.
Energy: Decentralized energy transfer and distribution are possible via micro-transactions of data sent to blockchain, validated, and re-dispersed to the grid while securing payment to the submitter.
Food: Using blockchain to store food supply chain data offers enhanced traceability of product origin, batching, processing, expiration, storage temperatures, and shipping.
Retail: Secure P2P marketplaces can track P2P retail transactions, with product information, shipment, and bills of lading input on the blockchain, and payments made via Bitcoin.
Healthcare: Electronic medical records stored in a blockchain, accessed and updated via biometrics, allow for the democratization of patient data and alleviate the burden of transferring records among providers.
Insurance: When autonomous vehicles and other smart devices communicate status updates with insurance providers via the blockchain, premium costs decrease as the need for auditing and authenticating data vanishes.
Travel and Hospitality: Passengers store their authenticated “single travel ID” on the blockchain for use in lieu of travel documents, identification cards, loyalty program IDs, and payment data.
Education: Educational institutions could utilize the blockchain to store credentialing data around assessments, degrees, and transcripts.
As part of our research coverage on disruptive technologies, blockchain aligns with our prior research on the Collaborative Economy, where technologies strengthen P2P relationships to bypass central institutions. Additionally, blockchain technologies will be harnessed by autonomous technologies, enabling machine-to-machine transactions.
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Crowd Companies’ next research report will explore the industry and business impacts of blockchain––beyond financial services––and we’re looking for qualified interview subjects.
We’ve explored many resources, videos, conferences, articles, and books on the topic of blockchain technology, and found a gap in its in-depth analysis around potential opportunities within all industries. Yes, we’ll include financial services (and the stock market) in our research, but we primarily seek to uncover impacts to insurance; healthcare; supply chain management; manufacturing and distribution; retail; travel; media and telecommunications; government, municipal and legal; and farming and agriculture.
Research findings will also reveal hurdles that corporations must overcome before implementing blockchain, as well as specific use cases for blockchain in every industry, from smart contracts; to electronic medical records; to secure transactions; to digital asset management; to Internet of Things (IoT) implications; and more. Crowd Companies research will broaden the horizon of blockchain beyond typical base understanding of Bitcoin to showcase how every corporation can ultimately benefit from this disruptive technology and work its way toward becoming a distributed autonomous organization (DAO).
And, we’re looking for your insights! Do you fulfill one or more of the below criteria for interview?
- Have a baseline knowledge of blockchain and actively pursuing its applications. Note: Technical knowledge of blockchain is not a requirement, but how it can be applied to your business or industry is.
- Build new customer experiences (B2B or B2C) brought forth by blockchain.
- Contribute to company business model changes on an innovation team, IT, digital, legal, or another department responsible for blockchain research and implementation.
- Work for a startup or vendor that provides blockchain services or applications to fit a specific industrial or cross-industry use case.
- Have advanced knowledge of blockchain and viewed as a thought leader or subject matter expert.
If so, please fill out the form at this link.
We’ll review every submission and will contact you via email for interview if you fulfill our qualifications. Thank you in advance for your time and efforts in contributing to our research.
(Photo via Pexels)