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They want to be leaders in space but they do not have a clear understanding of technology
December
17, 2018
4 minutes of reading
Opinions expressed by Business owner the contributors are theirs
Awareness is no longer a barrier when it comes to blockchain technology. Going beyond your knowledge for a clear understanding of its benefits (or dangers) is the next challenge for leaders. They want to be a leader in space, but they do not have a clear understanding and are waiting for the technology to mature before jumping to use it in their business.
Regardless of the active or passive style of leadership, when it comes to modern technology such as blockchain, asking some critical questions might help you before the journey begins.
Centralization of trust
Although the Internet is the largest decentralized network (no single entity has it), the applications and services running on the network are highly centralized. All you need is to look for examples in your business: the cloud service provider that hosts the servers and applications, the bank where the money is parked, and the entities that provide identity authentication are all owned and controlled. from a single entity.
Point to think about for the leaders: What are the areas in your business, where trust is centralized, both internal and external?
Single point of error
With the centralization of trust, the single point of error (SPoF) arrives. History has repeatedly demonstrated the failures of the entities and the calamity that follows it. A single point of error is not limited to technology, but also to processes and people. Organizations go out of their way to tackle the problem of SPoF by building redundancies, additional controls and increasing vigilance.
Point to think about for the leaders: What are the weak links, the only point of error that exists in their business, which embraces technology, processes and people?
Transparency in business
Many years ago, I remember reading, "The suppression of truth is the root cause of all problems". For businesses, I am taking the liberty of extending it to "the versions of the truth are the root cause of their problems". Today, companies are fragmented silos, both internally and externally. Each silo runs its own process, applications and private programs. Each silo has its "version of truth". When the time comes to collaborate and reconcile, it is chaos.
Point to think about for the leaders: Are there any business areas that could benefit (commercially and not commercially) from greater transparency?
Safety
In recent weeks, many people have received emails from two entities: Quora, the largest question and answer portal, and Starwood has preferred the guest, the loyalty program for top hotels like Marriott and Ritz Carlton . Both e-mails were entitled "Security incident" and the message was consistent- "unauthorized access to the database, stolen confidential information and we are investigating." In an information era, where data is the new oil (or gold), losing customer data and cutting a sad face is the last thing the leaders want. For some, such incidents were the last nail in the coffin.
Point to think about for the leaders: What are the areas of their activity that could benefit from greater security?
Call it mutual pressure, the need to keep up with the package or a genuine interest in technology: leaders are increasingly showing interest in blockchain technology. The biggest challenge facing the leaders who do not understand the complex technology is the clarity of the next step. Asking these four crucial questions will help leaders find their purpose. Blockchain technology, as it is today, may not have a solution to every problem, but has the potential to bring leaders there.
