Digital technologies are reshaping everything from business models and consumer behavior to our social relationships and culture. By securing digital transactions through a distributed cryptography framework, blockchain technology has emerged as the new “trust protocol” to support digital solutions that entail collaboration among disparate stakeholders such as customers, vendors and partners.
Since its inception, blockchain has evolved from a mechanism powering the Bitcoin cryptocurrency to a technology that is poised to streamline the entire enterprise landscape. Blockchain networks now support smart contracts that automatically facilitate, verify and execute transactions when the contract terms are satisfied.
The next step in blockchain’s evolution will be the industry-wide deployment of value chains including the integration of enterprise systems and encompassing boundary-less process automation. Blockchain’s ability to coordinate and streamline business processes across organizations, employees and customers relies on its ability both to establish trust among participants by verifying tamper-proof records and also to provide decentralized storage and communication across organizations. (For more insights on how blockchain works, see our report “Demystifying Blockchain”)