John Fagan UID: 112998349
In modern business, technology disruption has become a nuanced and shared term to describe the way particular products, services, and ideas change the market landscape. Disruptive technologies throughout history such as Gutenberg’s printing press or Ford’s Model T have created entirely new markets, but never before have these disruptions been so prevalent and rapid as we have seen in the 21st Century. The gateway to these technologies in modern business is undoubtedly the internet. The internet has begun to foster a more connected world but has created a dire need for increased decentralization and greater accountability. This is the role that the developing Blockchain technology intends to play in global business, and if it succeeds and proves sustainable, it could be the next game changing platform.
Blockchain technology is simply a digital ledger system that is kept and used by all people on a network (blockgeeks). While this simplicity does not seem drastic, its implications can change the way the fundamental pillars of our society work. In the economy, money and currency are used as a means to an end. Person A has products or services that person B wants, and so person B needs a way to trade value with person A. This is the situation that necessitates the need for money in business. These transactions are facilitated and kept track of by a third party service that all individuals involved in the trade respect and acknowledge (Youtube). With a digital ledger like Blockchain, this third party does not need to be involved, the transaction can be facilitated and tracked by all individuals in the network.
Blockchains ability to allow for decentralization and accountability on a global scale will provide for a single shared source of truth and trust in transactions (Newman). The ability to create trust beyond the parameters of governments or trusted third party firms are in line with the theory of globalization’s third era, where individuals, not businesses, or governments will be responsible for managing the ever connected and changing world.