Our economy is inherently hyperconnected, and this sits at the core of the way we do business. As time progresses, better collaboration will be necessary. Globally, consumers are relying more on a variety of businesses, which means that the future of business will be intricately connected and not domineered by one major presence.
HFS asserts that, “No single organization owns the entire customer experience, and competitors and peers need to figure out how to collaborate.”
The hyperconnected economy will require a collaboration between global leading companies, and blockchain can help us enable this. Here’s how.
What is the hyperconnected economy?
The hyperconnected economy will mean businesses globally being interconnected through a series of service offerings. To ensure their own success, companies, partners, competitors and partners will need to find a way to collaborate.
In a climate where the economy is intricately connected, companies cannot afford to be siloed from one another.
This is where the hyperconnected economy comes in: collaborating across the globe to ensure decentralised and harmonious collaboration.
How does blockchain fit into this?
Blockchain is the perfect technology for connecting the global economy. This is because it’s decentralised, immutable and provides a single source of trust for companies who may otherwise lack that trust.
As global companies, many require intermediaries to keep track of data and ensure trust. Blockchain removes this requirement.
Blockchain’s value is in:
- Its lack of a single point of failure
- Trust provided without middleman
- Immutable transactions
- Improved security and smarter digital contracts
In the hyperconnected economy, everything is connected. This means that blockchain can provide a central point of connectivity and a single source of trust for companies and consumers globally.
The hyperconnected economy is inevitable, and we’re already on our way there. We need to be prepared for it.