As exponential innovation continues to disrupt the market, blockchain certainly comes to mind as a key player. While we think of blockchain as the system behind cryptocurrency, it has many more potential uses for market disruption. For example, it has the power to improve inefficient business processes and remove third party transactions that slow down workflow.
One potential market disrupter is this week’s podcast guest, Neeraj Satija. Neeraj is the CEO of Concordus Applications and co-chairman of the CompTia Blockchain Advisory Council. And he is launching a new company called Maxcentive with a blockchain application to solve a very real channel problem. We discuss why blockchain can do a lot more than just drive cryptocurrency and the potential it has for disrupting the channel.
- Blockchain is a decentralized global public ledger. It is capable of securely recording digital transactions between two peers, regardless of their location.
- Tokenization replaces any sensitive data from assets with an undecipherable token. That way it can be securely traded through the blockchain framework.
- The transaction between you and the other entity is securely recorded. It cannot be tampered with and it cannot be removed. This makes it nearly completely fraud resistant.
Common Blockchain Misconceptions
- Blockchain is much more than cryptocurrency. It is essentially an architecture designed to remove the third party or the intermediaries from any business workflow.
- Blockchain applications are not the silver bullet for every industry and every use case. Carefully consider the relevance for your scenario.
Blockchain Applications For The Channel
- A Blockchain component called smart contracts allow the user to encode the terms of that contract into the platform. When the terms of that contract are met, settlement can take place instantaneously. This forces stakeholders to remove any ambiguity in the contract.
- With Blockchain, location truly does not matter. Consequently, applications could help facilitate global channel trade, irrespective of the currency.
- Blockchain has potential for channel contracts, partner crowd funding, commissions, rewards, loyalty incentive programs, and any type of channel workflow management.