Sogeti’s Research Institute VINT has released the third report in a series on disruptive technologies. Devoted to the new design principle of the blockchain, the report is titled ‘Blockchain: Cryptoplatform for a frictionless economy’ and outlines the potential impact of a new way of organizing trust in the presence of unreliable parties.
The report says that although blockchain owes its current fame to the currency, the Bitcoin, in particular, the cryptographic capacities of the network can be deployed in a variety of other ways as well. Nonetheless, the researchers believe that the blockchain is presented as a special kind of platform, which in its turn is a basis for numerous other platforms.
Bitcoin Technology is Disruptive the Financial Technology Space
It appears the major thrust of the research is to show that blockchain is playing the disruptive role in financial technology and “Disruption is the New Normal.” Nonetheless, the key message from the series of reports of Sogeti’s disruptive technologies research project is that blockchain is evolving and helping out the financial technology to great extent.
The team at Sogeti’s Research Institute VINT believes that the project – Design to Disrupt – outlines exponential growth of the new digital opportunities the world facing. Nonetheless, the allegedly inferior propositions of startups and new technologies confuse prominent players, who should in fact be the very first to be open to disruptive innovation.
However, according to them the innovator’s dilemma brings them back to a major question i.e. to disrupt or to be disrupted. They believe that the disruptive potential of blockchain exceeds Bitcoin. Talking about the report Menno van Doorn, Director of Sogeti’s Research Institute is in consonance with what the report ‘Blockchain: Cryptoplatform for a frictionless economy’ says.
Menno Van Doorn was quoted saying:
The blockchain is basically a possibility to do frictionless business, as the control is already embedded in the transaction. This may well be the key to lots of new possibilities: a strong chain without weak links offering a solution to numerous actual problems within the digital economy.
He also says that with every transaction that users execute on the internet a notary should look over their shoulder to make sure that nothing is wrong. Nonetheless, he believes that it would be a very costly affair indeed; however, it is an entirely different matter if it could be computerized.
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