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The Future is Here: How Blockchain will Shape Leadership
Innovation and technological progress used to be steered by industry, but in our time, those roles have been reversed. To be successful today, you need to not only oversee and direct your business to greater heights but also guarantee you are not left behind by the constant revolutionary impact of technology. Last year, no other word was thrown around more often than Blockchain (except maybe Fake News).
Blockchain is a decentralised, peer to peer ledger for transactions of value which is fundamentally changing how businesses offer products and services.
Put simply, Blockchain removes the middle-man. It voids the use of banks through Blockchain payment services, circumvents lawyers with smart contracts that automatically update themselves, and offers an alternative to accounting firms through Blockchain databases that record and verify accounts in real time. Whether you believe in the Blockchain revolution or not, it is calling old business into question by undermining the very pillars it was built on.
The goal of Blockchain, above all, is to maximize transparency. Whether that means using smart contracts to build trust between employee and employer or trusted ledgers to guarantee correct data, it will have a huge impact on how businesses change in the coming decade. Human-error will be greatly reduced, financial corruption will be easier to weed out and consumers might become more trusting of large companies when data is handled more conscientiously. Leaders will be able to build a culture of trust and authenticity for their team, and together they will be able to produce a stronger relationship with clients.
If You're Reading This, It's Too Late
Whether or not you think Blockchain will take over the world is irrelevant at this point as many sectors have already begun implementing it into their core organizations. Beyond banking and finance, real estate, supply chain and healthcare have begun to implement Blockchain into their day-to-day business and it looks as though it's here to stay due to the immediate improvements it has made in transparency and efficiency. While many companies are hedging their bets to ascertain whether or not Blockchain will have any long-term effect on their industry, many up-starts are using it to gain an advantage.
The Next Generation
Over the years, we've met leaders from all around the world through our Executive MBA program. Regardless of background or industry, it's clear that all leaders are responsible for developing a culture that attracts the best and brightest minds, and fosters an environment that encourages these minds to push businesses to greater heights. Despite the fact that most people who have succeeded in 'jumping on the block' early have done so without formal education, universities are already creating courses and degrees that are tailored towards Blockchain and Bitcoin, preparing the next project managers, entrepreneurs and CEOs.
This new system can be a powerful tool in how you organize your business as well as how you interact with your team and your clients. Like all digital tools, education is the first step towards understanding and implementing it into your skill set.