At a recent workshop I was asked to provide examples of new markets that blockchain technologies are creating. I could not answer that off the cuff and on further reflection I remembered back to the days of the internet and world wide web when the same question was being asked. Historically we now understand terms like e-commerce, e-markets, e-business etc…
I recalled that this new disruption to the then current ways of doing business evolved and did not come pre-packaged with the technology; as a then emerging technology the innovation and disruption evolved as critical mass in users occurred, the technology became more robust, access to the internet improved, speed of the internet improved, and of course some confidence developed among users, enterprises and governments. It was then over to those visionaries to ‘create’.
I recall my company, which was at the leading edge of B2B e-commerce in Australia surged forward thanks to the improvement in the internet speed (we started with those squealing 56k modems.) and the acceptance of online payments. The latter took around 9 years to gain some meaningful acceptance and uptake… but here we are… and our first questions now is generally ‘can I pay for that online please?’
Blockchain is again an emerging technology that experience tells us will create new markets and new ways of doing things… what all of them are, or what will be the absolute game changer is yet to be seen … but there is plenty of evidence of the disruption and innovation already…
I was reading an interesting article on Medium that discussed how and why blockchain is accelerating the emergence of some markets. In it they identified criteria that are specific for emerging markets:
1. Low income per capita
2. Rapid Growth
3. High Volatility
4. Low trust in the government
5. Openness to innovation and disruption
This is an interesting article that also describes a strategy known as Leapfrogging where emerging markets instead of following the traditional path, are choosing new alternative technologies that can speed up economical or cultural development of the country, organization or industry. Check out this article here:
New Use Cases
We are seeing the term ‘Use Case’ widely used in the blockchain space. I suspect it will be from these exciting new use cases that we could well expect the rise of a truly disruptive event and likely new ways of doing things. There are numerous articles and YouTubes that describe how a wide range of sectors are transitioning to blockchain technologies, cashing in on the tenets of blockchain. This is a nice article by CB Insights on a range of interesting Use Case. Checkout this article here:
In our course we describe disruption as totally changing something, not just incremental innovation. In my mind the big disruption will come with the development of Machine Learning and Artificial Intelligence… but that is for another article.
Thanks for reading