Technology & Business: Succeeding with Blockchain

Blockchain technology is transforming the business world in an unprecedented manner. In order to be able to identify how to use this technology to the benefit of one’s company, one needs to develop an understanding of it from both a technological and - in particular - a business point of view.

Recently, blockchain technology has attracted less attention, which can certainly be interpreted as a good sign. After all, the hype surrounding the bitcoin cryptocurrency and its skyrocketing price has been inimical to the technology's development, given that many investors were interested only in earning fast money. However, bitcoin is just one application of blockchain technology, which offers many industries and businesses a host of opportunities. But which of these are worth pursuing, economically speaking? What should businesses pay attention to? And what opportunities for cooperation are proving beneficial?

To understand blockchain technology and its economically viable applications, comprehensive knowledge of both the technological and business aspects is required. "It's about the fundamental question of how and under what circumstances blockchain can be used in practice," says Claudio Di Ciccio.

Claudio Di Ciccio is convinced that there will be no way around blockchain technology in the near future. “This technology has the potential to fundamentally transform industries as we know them today. Its special potential lies in the fact that it allows for an unprecedented combination of infrastructure guarantees by design: Transactions are tamper-proof; data are securely replicated; every transaction is securely signed by its sender and is traceable. However, in order to be able to achieve economic success, it will be necessary to develop a new entrepreneurial mindset based on the logic of the blockchain itself: economic incentives instead of punishments, empowerment of colleagues, decentralization of information, full traceability. For this reason, blockchain technology is not just a business innovation.” According to the expert, companies, first and foremost, need to adopt a new mindset when it comes to their business models.

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