Trust is the expectation that the other party will abide by their commitments. That they will act with integrity. And it’s been very difficult to get people to do that. What if we could program that into the fabric of our economy? What if we had a new protocol, a trust protocol on top of which we could build any kind of business? So it’s an exciting time. One fraught with peril but also lots of possibilities. Because it appears that once again the technology genie has been unleashed from the bottle. Summoned by an unknown person or persons with unclear motives at a very uncertain time in history. This genie is once again at our disposal to broker, to fix a broken system and to transform the economic power grid and the old order of human affairs for the better if we will it.
- Digital thinker. The director has had little direct interaction with digital as an operator but conceptually understands the digital environment. They have been a board director or adviser in a digital business but are not a digital native.
- Digital disruptor. The director has been deeply embedded in digital, often with experience from a pure-play company. This type of leader typically has less general management breadth.
- Digital leader. The director has had substantial experience running a traditional business that leverages digital in a significant way (retail or media, for example). It’s likely that this person has less hands-on digital experience but has managed disruption as a general manager.
- Digital transformer. The director has led or participated in a transformation of a traditional business. Typically the person does not have the seniority of a digital leader but is more digitally astute.
Digital transformation needs to be wholesale. Digital innovation needs to permeate and recast every aspect of the business and the board. Companies that do so will thrive in the new world, and those that do not, sooner or later, will fail.
Richie Etwaru, discusses the opportunity and implications of blockchain as a paradigm to slow/close the expanding trust gap in commerce. He unpacks blockchain to a level of simplicity to be consumed by those who are just starting to understand and explore the paradigm. He lays out a current state of commerce, suggesting that every company is currently at risk of being disrupted or incurring severe strain from a blockchain version of itself.
Every company in the world today, not just the intermediaries, are at risk of having competition from a blockchain version of themselves.
We are at the ground floor of a new paradigm in humanity that will change the human experience called Blockchain. The thing it is going to change is Trust.
Blockchain in one word: “Trust”Read More
What is Blockchain? Blockchain is a shared, immutable ledger for recording the history of transactions. It fosters a new generation of transactional applications that establish trust, accountability and transparency—from contracts to deeds to payments.
Frees up capital flows, speeds up processes, lowers transaction costs and most importantly provides security and trust. We believe that Blockchain will do for business what the Internet did for communications.
Source: IBM BlockchainRead More
18 minutes and 49 seconds well spent!
What is the blockchain? If you don’t know, you should; if you do, chances are you still need some clarification on how it actually works. Don Tapscott is here to help, demystifying this world-changing, trust-building technology which, he says, represents nothing less than the second generation of the internet and holds the potential to transform money, business, government and society.
Thanks Jeff for the find!
There really is more. just click below…Read More
Invest 23 minutes and listen to this!
Karim Lakhani, Harvard Business School professor and co-founder of the HBS Digital Initiative, discusses blockchain, an online record-keeping technology that many believe will revolutionize commerce. Lakhani breaks down how the technology behind bitcoin works and talks about the industries and companies that could see new growth opportunities or lose business. He also has recommendations for managers: start experimenting with blockchain as soon as possible. Lakhani is the co-author of the article “The Truth
- Blockchain = Trust
- Disintermediation = “Bringing the ends of a transaction together” = An exponential level of disruption not seen since the introduction of the World Wide Web in the mid 1990s (IMO)
- We are in the “dial-up days of Blockchain”
(Click Read More to listen to the audio.)Read More
It’s happening in an increasingly frequent manner: “Jamie, explain this blockchain stuff to me. I’ve read a bunch of articles and I’m no wiser.” The problem with most blockchain explainers is that they provide more detail than what matters to most people, using language that is foreign to most people, which winds up leaving people more confused than when they started. Instead, without worrying about being a technically perfect description, here’s an explanation of blockchain your parents could understand…
This finding confirms what many executives may already suspect: by reducing economic friction, digitization enables competition that pressures revenue and profit growth. Current levels of digitization have already taken out, on average, up to six points of annual revenue and 4.5 points of growth in earnings before interest and taxes (EBIT). And there’s more pressure ahead, our research suggests, as digital penetration deepens.
Like President Johnson in the 1960s, we see that automation could make a major contribution to productivity and prosperity… For companies around the world, automation will offer the potential to capture substantial value — and not just from labor substitution. These technologies enable higher throughput, enhanced quality, better outcomes, greater safety, and the opportunity to scale up or adopt new business models.