Blockchain solutions have commonly been associated with the world of Crypto, however, organisations outside of Cryptocurrency are now benefitting from Blockchain. By definition, Blockchain works to increase trust, transparency, security, and traceability of data. The reason it’s so effective for Cryptocurrency is due to its security, but in reality - any organisation that stores data (which is virtually every company on the planet) can benefit from Blockchain overall.
Blockchain has now expanded beyond the world of Crypto and is being used by multiple organisations and industries alike. The world of Blockchain is still in its infancy but has the potential to grow exponentially over the next few years.
Blockchain and leadership
“Blockchain technology provides a decentralized, secure way to store and manage data, enabling new levels of transparency and collaboration that transform strategies and operations.
With blockchain technology, organizations can create a shared, tamper-proof database to track transactions, assets, and interactions among parties. This provides a single source of truth that everyone can trust, eliminating the need for costly intermediaries and manual reconciliation.” - Forbes
Blockchain is improving leadership within organisations for three key reasons (as highlighted by Forbes):
#1 Increased transparency: This makes leaders more accountable - leaving them with nowhere to hide.
#2 Decentralized decision-making: More power to its employees and less of a push and pull with leaders and their team members
#3 Better efficiency: Technology automation for leaders as well as taking this pressure away from leaders.
Blockchain and Data
We’ve already established that Blockchain and data are a match made in heaven - but how can Blockchain help ordinary organisations with their data management?
The main benefit of Blockchain technology is the level of transparency and security that it provides - both with data storage and new data collection. In essence, having Blockchain technology can give your consumers, clients, vendors, and employees complete security that data is secure.
Let’s look at Blockchain within financial services, for example. Data is highly confidential and customers/consumers want complete security so that their finances (as well as their personal data) won’t be compromised. Consumers are much more likely to invest their money in a bank or online financial management system that uses Blockchain because of the increased security.
The same goes for public sector industries such as governments and councils. This enables public bodies to safely secure transactions such as land, property, and vehicles on a public ledger.
“As a result, the government has greater transparency in land dealings, and interested citizens can look up a piece of land and get accurate information, as all initial and subsequent sales are recorded, time-stamped, and stored permanently. This process also greatly reduces the likelihood of corruption, since the distributed ledger is more secure.” - Mckinsey
Blockchain and efficiency
Blockchain enables real-time visibility which as a by-product, improves efficiency both with technologies that are being used and within people management. Blockchain also has a ton of automation possibilities which enables multiple industries to benefit.
It’s important to note that Blockchain isn’t going to work for every single organisation. In fact, you should look at the range of Blockchain technologies and assess what is going to improve your organisation rather than hinder it.