Marc Emmer is president of Optimize Inc. and an author, speaker and consultant specializing in strategy and strategic planning.
In light of the FTX crash and the giant sucking sound that followed, some investors and business leaders wonder if crypto and blockchain are truly disruptive technologies or some trumped-up Ponzi scheme.
When markets get out of balance, they reset. So, it appears that both extremes may be true when it comes to blockchain. While I and many others see blockchain as the future of transactional ledgers, it is also a space where legitimate traders currently coexist with con artists. A crypto correction may be exactly what the market needs.
But even with setbacks, it appears that blockchain is gaining adoption quickly. Blockchain’s practical applications and implications span far beyond just crypto trading. It is a decentralized ledger where all records are permanent and can be accessed by users across multiple computers. IBM specified four characteristics of blockchain—including consensus, security, immutability and validation of data—making it a unique solution for managing business ledgers and transactions.
From financial services to supply chain management, blockchain is revolutionizing many industries with its trustless system of record keeping. Here are some helpful approaches firms can take advantage of when using blockchain as a business ledger.
1. Digital Identity Management
Accenture identified five core areas where…