How Blockchain Technology Can Be Used To Run Business Operations

In 2016, technology author Don Tapscott explained how blockchain development could result in a paradig transformation of the global supply chain. Five years later, Tapscott argues that blockchain technology has matured to the point of being an established platform, and he believes that the world is ready to seamlessly adopt distributed ledgers and smart contracts as a new way of running business operations.

Platform Revolution is a book that clearly details the convergence of blockchain, Big Data, and artificial intelligence. Tapscott believes that tech giants such as Google, Microsoft, and Facebook will at some point develop blockchain solutions in order to support and manage their existing data platforms, but they may fall behind the curve because they will insist on centralized governance.

Other notable developments that could be achieved through blockchain technology include the democratization of information and data through social media and an improved security of personal information through the use of strong cryptography. Tapscott also outlines how the development of a distributed network of personal computers will increase the number of people who will use digital tools to create, manage, and trade information, goods, services, and money.

The development of distributed ledger technology has been compared to the invention of the printing press, which is credited with opening the door to the modern, information-driven economy. However, distributed ledgers are still in the nascent stages, and there is a need for further research and development to understand how distributed ledgers can be integrated with existing business systems.

Blockchain also has the potential to drastically reduce operational costs for the public sector. Governments across the globe have already started experimenting with the potential benefits of blockchain technology, as demonstrated by the use of blockchain networks to track food supplies and fight corruption. Tapscott sees an even larger impact in the near future, when all aspects of government will become more transparent. Blockchain also holds potential as a means of achieving digital sovereignty.

Tapscott sees blockchain technology playing a major role in shaping the future of the international economy, and he argues that the development of distributed ledgers and smart contracts will lead to a more robust international legal system.