There are many different types of industries that will be impacted by blockchain technology. In this video, 19 Industries that Blockchain will Disrupt by FutureThinkers.org, there are a few good names to follow of different types of startups and new business models out there.
Watch the video below and check out #6.
- Banking and Payments
- Cyber Security
- Supply Chain Management
- Networking and IoT
- Private Transport and Ridesharing
- Online Data Storage
- Public Benefits
- Energy Management
- Online Music
- Real Estate
- Your industry
It is exciting and scary at the same time, if your industry is on the list.
At a minimum, companies and individuals should remain aware and knowledgeable about developments on the technology front. Management needs to be constantly thinking about the implications of a technology movement for their business. It could be valuable to have a strategic discussion about being a first mover and whether or not there may be advantage associated with making an early investment.
As we know, throughout history, people have pivoted to where there is employment. If all these industries are disrupted at the same time, wow, scary to think of unemployment numbers, but people will have to pivot.
- What are the outcomes? What about the Law of Unintended Consequences?
- see comments in video about Universal Basic Income (which I oppose at this time).
- What about Cyber threats and security?
- What if you are a small business owner and you’re business is disrupted by this technology (with no retirement savings). See UBI above.
It will be amazing to live through this time to see the way this technology is implemented and impact on productivity.
I am not advocating for Crypto-currencies as an investment, just highlighting the tremendous value this technology can have on society. Many are still enamored with the upside and are not focused on the risks to society. These will have to be explored.
For management in any industry above, this isn’t something to ignore and putting your head in sand might not be a good move.
Also, see the TED talk below which highlights why Blockchain is having so much success vs. Wall Street right now.