“Blockchains are going to radically transform the way businesses transact digitally in a number of key areas and as such will cause organisations to rethink and re-evaluate the boundaries of their business.”
Blockchain technology will radically reduce the cost and time taken to establish trust in an open and global market. This means that peers can collaborate and transact together in ways that previously required a central authority to do. Organisations should not see this as a threat, it should be viewed and a radical new way of acquiring new business model capability.
“For CIOs and CTOs Blockchain presents both the biggest challenge and opportunity since the invention of the world wide web. Blockchain enabled business models that are emerging which means that even the disruptors such as Google, Facebook, Amazon, Uber, Airbnb are themselves going to be disrupted.”
Blockchain is triggering a new wave of business disruption and what’s different this time from other disruptors like cloud is that it’s being driven by new business models who are using blockchain to model and represent value and transactions in a way never done so before.
“This enthusiasm in blockchain, innovation and experimentation by the Business is not a bad thing, it should be encouraged but more importantly it should be supported and enabled by Enterprise IT.”
This new wave of digital disruption presents a formidable challenge for the IT Executive, the business units will be evaluating Blockchain and going out to the market to see what the competition is doing, acquiring technology, initiating pilot projects.
Enterprise IT has seen this before, CIOs had similar challenges with new PC’s, Smartphones, and with Cloud services that could be purchased directly by the business with a credit card and used from within the corporate firewall using a browser.
“CIOs need to act now, taking accountability for Blockchain technology making sure that they are enabling the exploitation of Blockchain while at the same time following the standards, and best practice that will allow Blockchain technology to operate securely and reliably as part of Enterprise IT, just like any other mission critical platform.”
A great way to start to address these challenges is to tackle the demand side pressures that often cause the infamous Business to IT split or “shadow-IT”. Enterprise IT needs to create a Blockchain solution portfolio providing the secure Blockchain platform and client-side software that the business will need, it needs to provide advice, guidance and most importantly make all of this easily available to the business via an Enterprise IT supermarket.
“The CIO should treat Blockchain as a corporate asset to be exploited by the business, developing just enough governance and control through appropriate IT strategy, architectures, standards, designs and software.”