Blockchain reaction: Tech companies plan for critical mass

This report supports the idea that the blockchain technology will generate deep revolutions and disruptive innovations, often underestimated, which go far beyond the bitcoin.

In fact, we get a better idea of its revolutionary dimension when thinking of the blockchain in combination with other technologies. Thus, the internet of things was very promising, but it is only enjoying a limited development because of severe security flaws: no one would want to buy a car that is likely to be pirated and remotely controlled. With the blockchain technology, the level of security becomes particularly heightened. The blockchain will bring a new dimension to the internet of things, to Big Data, to the sharing economy or to automation, by enabling them to combine and rapidly produce an exponential impact.

One should remain realistic about the yet immature nature of this technology: the authors highlight the important difficulties that remain both from technical and regulatory perspectives. The blockchain challenges us as to the degree of transparency we are willing to accept, or the type of regulation that needs to be implemented. Nonetheless, they are warning us: do not wait until these difficulties are removed to initiate your strategic thinking, because the movement could be brutal.

This report by the Ernst & Young consulting firm targets the technology sector players. It turns out to be accessible and relevant for all leaders who want to initiate a strategic reflection on the blockchain.