Mark Hurd, the CEO at Oracle, wrote an article about two business opportunities with blockchain that are worth considering. Blockchain is the distributed ledger for sharing information securely across different organizations. This emerging technology is becoming increasingly popular, and CEOs are starting to ask how it can help boost revenue, increase productivity, streamline cost and create a better customer experience. Mark outlined two ways that blockchain can make an impact within organizations.
- Use blockchain features that are integrated into your company’s supply chain, finance, HR and other core business applications, rather than treating blockchain as a standalone application.
- Create new value by setting up unique blockchain networks.
Blockchain Business Opportunity #1
The first business opportunity is to use blockchain features that are integrated into your company’s supply chain, finance, HR and other core business applications, rather than treating blockchain as a standalone application.
Since blockchains are cloud-based, even small and midsize companies can tap into them. In the past, smaller companies wouldn’t have had the IT resources to take advantage of such cutting-edge technology. The same trend is occurring with other emerging technologies like AI. Within the next few years, more and more technology will be integrated into business applications, and businesses will be able to leverage all the benefits that come with them.
Blockchain Business Opportunity #2
The second opportunity that blockchain presents is the chance for companies to create new value by setting up unique blockchain networks. Mark presented an example of how blockchain could impact higher education.
Once recent graduates start applying for jobs, potential employers will want to verify that the applicants have truly received the grades and degree that they claim to have earned. Colleges and universities could potentially enter student degree and transcript information on a trusted blockchain and establish rules for who can access it and how data is shared. Companies also have the potential to tie a network like that into their business applications. For example, it could be tied into a recruiting application that could access the information in that blockchain. This type of network would be valuable to the institutions, students and employers.
Still not sure if blockchain is right for your organization? Check out our article “Do you Need Blockchain? How to Decide“.
For more information and examples of how businesses could leverage blockchain, check out Mark’s full article attached below.