To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. From vision to reality “ We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.” Bill Gates, technologist and philanthropist Today, performing an online transaction – such as paying For start-ups and entrepreneurs, interest in the blockchain for goods or services – is almost impossible without space is growing rapidly. For legacy organisations, involving a third party, such as a bank or credit card particularly large multinationals, the situation is more company. When these transactions work, they are taken challenging. These types of organisation can be stirred for granted. When they fail, the complexities, fragmented into action by identifying specific opportunities where nature and opacity of the systems used to handle the the existing modes of value exchange in the sector create exchange are often exposed. bottlenecks and then analysing how a distributed ledger might help address them. By solving concrete problems, Some bold predictions suggest that the institutions at the organisations can more effectively identify the technical, centre of current transaction systems will cease to exist in organisational, cultural and talent changes necessary to just a few years. Others are more conservative, positing realise new benefits – and then scale what works. a relatively low impact in the short term for blockchain applications other than payments. The reality is likely to be Beyond the tactical changes for organisations, it is somewhere between these two extremes. And different important to consider the potential magnitude of business markets will also move at different speeds, particularly and process change caused by a shift onto sector- where the role of central institutions is less dominant. wide blockchain platforms. Engaging with like-minded organisations to develop and foster these collaborations Jonathan Swift, author of Gulliver’s Travels, said, “Vision and prepare for change is vital. Understanding the risks is the art of seeing what is invisible to others” and this and level of disruption beforehand is also key to the design quote sums up what is needed from businesses today. As of effective systems. the blockchain ecosystem steadily builds, the prospects of more significant change occurring within the next decade Ultimately, the blockchain is not just about will increase. Organisations that fail to create a vision cryptocurrencies and faster peer-to-peer payments. It and adopt a ‘wait-and-see’ attitude towards blockchain is also part of an ecosystem of advanced but fledgling are unlikely to develop the expertise or break down technologies, including artificial intelligence, robotics and the organisational and cultural barriers needed to work crowdsourcing, that look set to play a fundamental role effectively with this new technology. Nor are they likely in the future of commerce and society. Blockchain will to engage their peers or stakeholders in discussions about affect the way that individuals and organisations interact, how the technology may affect their industry at large. the way that businesses collaborate with one another, the transparency of processes and data, and, ultimately, the productivity and sustainability of our economy. Blockchain Enigma. Paradox. Opportunity 13