Belatrix Software, a leading software development company, has just published a key new report arguing that blockchain technology will form the basis of the next phase of digital transformation. Experts at Belatrix have been exploring the potential of blockchain on behalf of its clients, and the results are revealed in this report.
At the heart of this forthcoming disruption, is the fact there exist foundational differences in business design between traditional and blockchain businesses. Blockchain enables a shift in paradigm from a model in which value doesn’t come from collecting data in a traditional value chain, but from the actual services being delivered in a peer-to-peer environment.
Blockchain-based businesses will lead to the emergence of new business models, which will make existing models obsolete. While today we may think of companies such as AirBnB and Uber as disruptive, they will in turn be put out of business by new disruptors. Why? Because these companies are still businesses based on centralized networks – or to put it another way, there is an exchange of data which occurs on a centralized server. The next generation of startups will be businesses based on peer-to-peer exchange, on a blockchain network.
The report examines industries which will change. For example, it highlights how blockchain platforms will enable organizations to re-imagine the heavily regulated insurance market. It envisions a faster and more transparent real estate industry, as almost every part of conducting real estate transactions can be conducted more efficiently, transparently, and securely on blockchain platforms. Meanwhile, every part of financial services – from payments, to commodity and share trading, to better identity management for customers, will be impacted.
Alex Robbio, President and Co-founder of Belatrix, commented that, “Blockchain represents the next major evolution. What this research demonstrates is that it will cause a fundamental shift in business models. This means there are tremendous opportunities for organizations to create new forms of value for their customers, but also many risks for established organizations with legacy technology infrastructures. Belatrix is ready to help executives in this key next stage of digital transformation.”