The following is an excerpt from The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology by William Mougayar. In it,..
Read the full article at: techcrunch.com
Many leaders who are now retired will tell you that they never saw the Internet coming. There are some whose businesses met an early demise because of it. Blockchain is another one of those technologies that change leaders will need to embrace now or else face imminent disruption to their business.
Imagine, for instance, the handling of titles to property such as land or automobiles. What if, instead of needing to have a central source that must verify authenticity – a service that local governments provide – a centralized record of transaction records title and ownership in perpetuity is created at the time of sale? The need for armies of clerks who research and verify titles and wait time disappears. When reselling or buying used, a simple additon to the original transaction carries the record of all buyers and sellers.
This is but one of the small ways that blockchain can facilitate and simplify financial transactions. If you are not thinking about how blockchain can be used in your business, perhaps you should ask yourself if you can afford to ignore it.