Is Blockchain the next digital economy platform?
As we see the exponential rise in the use of blockchain technologies, many are asking is this the next digital economy platform. So before we can answer this question we need a structure for the types of digital economy platforms. The 5 New Patterns for Innovation provides a framework exploring the potential value.
|Pattern||Role of Blockchain||Value to be captured|
|Product Augmentation||Capture history of product design, manufacture and usage||Product enhancement, offer services to enhance product experience|
|Codify Services||Capture audit trail of usage||Limited value – possibly simplify billing|
|Interconnect Industries||Be the trusted platform to share data across the industries||Optimisation of the interactions by removing friction|
|Trade Data||Capture audit trail of how insights were derived||Could create|
|Digitise Assets||Capture audit trail of usage||Limited value..|
In essence the blockchain has most value in creating an open trusted ledger for interactions that span multiple organisation boundaries. The analysis published in the “4 Trillion Dollar Challenge” provides a view of the industries where there is potential value from the blockchain technologies. This leads me to believe that blockchain is likely to disrupt many if not all interactions across multiple organisations and so is likely to be a s very significant platform in the digital economy in the future.