Despite its rough start, blockchain technology is slowly being recognised for its value in the global market.
From supply chain data to secure storage, blockchain has massive potential across business. Historically, it has been tied up with Bitcoin and other cryptocurrencies. It’s easy to see where this comes from: According to McKinsey, over the course of 2017, the market value of Bitcoin surged from less than $20 billion to more than $200 billion.
Yet blockchain’s potential in the corporate world is immense without even touching Bitcoin, and this is becoming more recognised as the technology matures. Blockchain should be a corporate priority across the globe: not because of cryptocurrency, but because of its security, transparency and inherent value to business.
Blockchain’s non-corporate reputation
Blockchain has, until recently, had a ‘non-corporate’ reputation. The focus has been on its ability to transfer digital currency. This means that it often has been tied to criminal activity and nefarious purposes.
In reality, the criminality of blockchain makes up a very minimal part of it. It could, in fact, provide increased security and legality by supporting and securing data. This allows us to properly view crime across organisations, companies and in individuals.
There is a degree of blockchain that strongly supports fraud mitigation. In addition, it can secure data, improve law protection for businesses and individuals, and save companies large costs.
Blockchain is becoming more recognised outside of this informal sphere. According to the World Economic Forum, 10 percent of global GDP could be stored on blockchain by 2027.
How we can move towards corporate strategy
Corporate strategy that incorporates blockchain technology will be central for the future of business. To move forward, it will be a necessity to implement blockchain to protect company data, no matter the sector.
Just a few industries where blockchain flourishes are healthcare, supply chain management, law, finance, and gaming. Blockchain has applications in almost every industry and can bring value to any business that deals with any form of data.
Blockchain should not only be incorporated into your business but also become part of your corporate strategy. This will enable your ocmpany to form their core value around data security and transparency and integrate blockchain-based trust into every part of the business.