7 Things Harvard Trained Me About Blockchain Technology

seven Things Harvard Instructed Me About Blockchain Technology 1

I recently read the Harvard Business Review article ”The Influence of the Blockchain Technology Goes Beyond Financial Services“. There is a hum in financial services around blockchain technology, and the influence it will have on the industry. So this article caught my eye since it was talking about blockchain technology outside of finance, and since it is by the folks at Harvard I’m thinking its going to be less hype and more fact. By the way, I’ve never been to, or near, Harvard

I made the following notes as i read through the article:

1. Leave behind Big Data, the Cloud, Social Media.. Blockchain Technology is the one to observe

While other technologies will influence business over the next decade, blockchain technology according to the Harvard Business Review (HBR) will switch it. Why?

  • Blockchain technology is a global database (distributed ledger) running on millions of devices and available to anyone
  • Anything – money, title, deeds, music, art….. – can be securely transferred and stored using blockchain technology
  • Trust is not maintained by single and central figures, but by the network, collaboration and elaborate algorithms
  • The above enables blockchain technology to budge and store value in a simpler, swift and cheaper way

The internet is described as the very first natural digital channel for information, and blockchain as “the very first native digital medium for value”.

Two. Blockchain could lower transaction costs

Okay, so i would stress the word could! But in brief the belief is that transactions costs will fall because:

  • A global and searchable database means you dont have to rely on numerous organisations in any given process
  • You dont need people and processes to monitor and coordinate elaborate business rules
  • Clever contracts (computer programs that automate contract instructions) and autonomous agents (numerous brainy contracts which conduct many transactions, or numerous processes within a transaction) on the blockchain will liquidate the need for numerous agencies and in turn simplify and speed up processes
  • Again trust is collaboratively managed by the network and not enforced by centralised institutions

Trio. Blockchain Technology can Protect IP – Information Protection

With the internet musicians, photographers, artists and scientists (to name a few groups) were arguably not appropriately paid for their talents. Intermediaries such as record labels, studios and educational institutes consumed some (in some cases a large proportion) of the income these groups earned. Worse still, in some instances, their intellectual property was illegally copied (pirated) and collective over the web.

With blockchain technology these creators can register, authenticate, own and transfer the intellectual property (music, photos, artwork, science papers) as they deem fit and ensure that their works are not duplicated. The individual can receive payments directly, rather than having to rely on intermediaries.

For further info, read Nexchange: Can blockchain tech revolutionise IP and digital content? – and Coindesk: How Bitcoin’s Technology Could Revolutionize Intellectual Property Rights

Four. Blockchain Technology and the Sharing Economy – Disrupting the disruptors

Many of the sharing-economy companies such as Amazon, Uber, Airbnb and eBay essentially provide a central platform for individuals to come together and suggest and sell their services. These companies are in brief middlemen who make their money through the fee they charge their users.

Using blockchain technology there is the potential to create a true sharing economy. One where there is no need for middlemen, where individuals within the network can connect with one another directly, securely and much more cheaply.

For further information read IBM: Blockchain and the sharing economy Two.0 – and Nesta: The titans of the sharing economy meet their match

Five. Revolutionising Manufacturing

3D printing is a enormous topic in its own right, and will switch the face of manufacturing by moving it much closer to its end users. This will in itself revolutionise manufacturing, but one of the concerns is how to protect the IP (intellectual property) of the product and the required materials. Blockchain technology, please stand up. Blockchain can permit holders of the rights to store information about any substances and materials on the distributed ledger network and thereby protect the IP.

For further information read: ICTSD: Death of the power house? 3D printing, blockchain, and trade negotiations

6. The Internet of Things will result in the Internet of Everything, which needs a Ledger of Everything

And those billions, even trillions of transactions can be managed by blockchains. I think that pretty much sums it up, eh?

For further information read: ReadWrite: Will the blockchain help unlock the IoT revolution?, CIO: Beyond bitcoin: Can the blockchain power industrial IoT? and Information Age: How blockchain will defend the Internet of Things

7. Collaborative Networks

Alright, i must admit i didnt know what this was referring to. So the very first thing i did was to find out about collaboration devices. Basically they’re talking about software and networks that permit employees to share documents, workflows and ideas across an organisation so that people work more effectively together. With that in mind, the chance for blockchain technology is to substitute the plethora of social network companies and permit employees to own and better control their profile data.

I’m going to do a bit more reading on this, and will very likely embark with the following: Microsoft Azure: Blockchain: the catalyst for a collaborative economy and Digital Transformation: Why Microsoft is Interested in Blockchains

I’m still attempting to get my head around this blockchain technology stuff so if i have misstated anything above, please let me know in the comments below – Thanks!

7 Things Harvard Instructed Me About Blockchain Technology

seven Things Harvard Instructed Me About Blockchain Technology 1

I recently read the Harvard Business Review article ”The Influence of the Blockchain Technology Goes Beyond Financial Services“. There is a hum in financial services around blockchain technology, and the influence it will have on the industry. So this article caught my eye since it was talking about blockchain technology outside of finance, and since it is by the folks at Harvard I’m thinking its going to be less hype and more fact. By the way, I’ve never been to, or near, Harvard

I made the following notes as i read through the article:

1. Leave behind Big Data, the Cloud, Social Media.. Blockchain Technology is the one to see

While other technologies will influence business over the next decade, blockchain technology according to the Harvard Business Review (HBR) will switch it. Why?

  • Blockchain technology is a global database (distributed ledger) running on millions of devices and available to anyone
  • Anything – money, title, deeds, music, art….. – can be securely transferred and stored using blockchain technology
  • Trust is not maintained by single and central bods, but by the network, collaboration and elaborate algorithms
  • The above enables blockchain technology to budge and store value in a simpler, prompt and cheaper way

The internet is described as the very first natural digital channel for information, and blockchain as “the very first native digital medium for value”.

Two. Blockchain could lower transaction costs

Okay, so i would stress the word could! But in brief the belief is that transactions costs will fall because:

  • A global and searchable database means you dont have to rely on numerous organisations in any given process
  • You dont need people and processes to monitor and coordinate sophisticated business rules
  • Brainy contracts (computer programs that automate contract instructions) and autonomous agents (numerous wise contracts which conduct many transactions, or numerous processes within a transaction) on the blockchain will eliminate the need for numerous agencies and in turn simplify and speed up processes
  • Again trust is collaboratively managed by the network and not enforced by centralised institutions

Trio. Blockchain Technology can Protect IP – Information Protection

With the internet musicians, photographers, artists and scientists (to name a few groups) were arguably not appropriately paid for their talents. Intermediaries such as record labels, studios and educational institutes consumed some (in some cases a large proportion) of the income these groups earned. Worse still, in some instances, their intellectual property was illegally copied (pirated) and collective over the web.

With blockchain technology these creators can register, authenticate, own and transfer the intellectual property (music, photos, artwork, science papers) as they deem fit and ensure that their works are not duplicated. The individual can receive payments directly, rather than having to rely on intermediaries.

For further info, read Nexchange: Can blockchain tech revolutionise IP and digital content? – and Coindesk: How Bitcoin’s Technology Could Revolutionize Intellectual Property Rights

Four. Blockchain Technology and the Sharing Economy – Disrupting the disruptors

Many of the sharing-economy companies such as Amazon, Uber, Airbnb and eBay essentially provide a central platform for individuals to come together and suggest and sell their services. These companies are in brief middlemen who make their money through the fee they charge their users.

Using blockchain technology there is the potential to create a true sharing economy. One where there is no need for middlemen, where individuals within the network can connect with one another directly, securely and much more cheaply.

For further information read IBM: Blockchain and the sharing economy Two.0 – and Nesta: The titans of the sharing economy meet their match

Five. Revolutionising Manufacturing

3D printing is a enormous topic in its own right, and will switch the face of manufacturing by moving it much closer to its end users. This will in itself revolutionise manufacturing, but one of the concerns is how to protect the IP (intellectual property) of the product and the required materials. Blockchain technology, please stand up. Blockchain can permit holders of the rights to store information about any substances and materials on the distributed ledger network and thereby protect the IP.

For further information read: ICTSD: Death of the power house? 3D printing, blockchain, and trade negotiations

6. The Internet of Things will result in the Internet of Everything, which needs a Ledger of Everything

And those billions, even trillions of transactions can be managed by blockchains. I think that pretty much sums it up, eh?

For further information read: ReadWrite: Will the blockchain help unlock the IoT revolution?, CIO: Beyond bitcoin: Can the blockchain power industrial IoT? and Information Age: How blockchain will defend the Internet of Things

7. Collaborative Networks

Alright, i must admit i didnt know what this was referring to. So the very first thing i did was to find out about collaboration instruments. Basically they’re talking about software and networks that permit employees to share documents, workflows and ideas across an organisation so that people work more effectively together. With that in mind, the chance for blockchain technology is to substitute the plethora of social network companies and permit employees to own and better control their profile data.

I’m going to do a bit more reading on this, and will very likely begin with the following: Microsoft Azure: Blockchain: the catalyst for a collaborative economy and Digital Transformation: Why Microsoft is Interested in Blockchains

I’m still attempting to get my head around this blockchain technology stuff so if i have misstated anything above, please let me know in the comments below – Thanks!

Related video:

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *