What is Blockchain?
Blockchain is a secure distributed electronic ledger, connecting multiple parties in a network of trust and integrity, facilitating the transfer of assets and the information related to those assets.
The term ‘blockchain’ represents the aggregation of specific technologies that togethervcan improve many facets of our lives through the development of innovative new products and services.
Blockchain technologies have the potential to overcome long standing inequalities and significant business problems that we have previously had to live with. Now we have an alternative!
Start Up or Early Stage Business
If you have a great idea for a blockchain based product or service, you’ve written a white paper or you even have a proof of concept, we can help get your business off the ground. Clarifying your business vision and goals, developing a business plan and managing your finances are critical elements in the success of any early stage company. Welford provides expertise and advice in all the areas you need to get your blockchain business off to the best possible start.
You may have blockchain business that’s in its early stages and already generating revenues. How do you take it to the next stage, how do you scale the business? Welford can help here too. We have experience of building early stage companies, generating new customers and driving revenue growth. We can provide sales and marketing, ICO, product development expertise and advice on growing your blockchain business.
Talk to Welford today!
As somebody once said, “there is nothing new under the sun” and this is true of the technology we’ve come to know as blockchain. Blockchain is actually a combination and extension of already existing ideas and technologies.
In late 2008, an individual calling himself (or herself) Satoshi Nakamoto presented a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System which solved many of the problems that had previously held back the progress of digital currencies. The paper opened the way for blockchain, one of the underlying technologies behind Bitcoin, to be used not just for digital currency but for all types of transactions involving many types of assets.
The control of our personal data, the friction and cost introduced by third parties (intermediaries) who insert themselves into our transactions and the exclusion of a significant proportion of the global population from many services and opportunities that we take for granted are a few of the challenges that blockchain can address.
Bitcoin is the first and best known application of the blockchain, just like email was the first significant application of the internet. And, if 2017 was the year that Bitcoin came fully into the public consciousness, 2018 may well be the year that blockchain goes mainstream.
As of January 2018 there were 1384 cryptocurrencies in circulation globally and that number is growing quickly. How many digital currencies could there ultimately be? According to Andreas Antonopoulos, there could ultimately be millions, and that’s OK! Currencies have always been an important enabler of communications between humans and we are naturally predicated towards creating them.
But beyond simple currencies, blockchain technology is already changing many industries and markets. Even nations states are embracing the concept of decentralized, open, borderless, peer to peer, censorship resistant networks.
For companies of all sizes blockchain technology can reduce payment and transaction costs, eliminate delays and outside influence in the execution of contracts, validate, track and monitor individual identities and transactions, interact with IoT devices to manage the data they generate and vastly improve supply chain management and the effectiveness of ERP systems.
Blockchain is a technology that is not going to be ‘un-invented’. It’s here to stay.
In conjunction with technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), blockchain technologies present a tremendous opportunity for innovation, competitive advantage and business growth. In the future, blockchain solutions from different companies or even industries will be able to communicate and share digital assets..
Over the next eighteen to twenty-four months companies will start to focus on blockchain use cases with a clear path to commercialization. They will push for standardization in technology, business process and the skillsets required to manage the blockchain. Finally companies will work to integrate and coordinate multiple blockchains within a value chain. All of this will drive greater value and boost blockchain ROI.
As a result of this standardization we can expect to see much greater sharing of blockchain solutions between enterprises, the acceleration of blockchain implementations, an increase in the breadth of applications for blockchain and the requirement for a deep pool of talent to support the technology.
If you’re an existing business considering the implementation a blockchain strategy or project, these are some of the questions you should be asking:
- How significantly could blockchain disrupt your business or your industry?
- Would a blockchain strategy lead to improved efficiency and/or greater margins?
- Which competitors are implementing blockchain solutions or launching new products and services based on blockchain?
- Do you have a strategy in place to assess, review and implement blockchain technology and solutions?
Let Welford help determine how competitors, suppliers and partners in your markets are using, or planning to use, blockchain technologies. We can research your industry, assess your business strategy, goals and aspirations and provide your leadership team with a comprehensive report including options and recommendations for a blockchain strategy for your business.