The first of the official Blockchain Innovation Challenges calls for teams to articulate a strategy and design new prototypes that address the following topics:
Empower all participants: The ability for any given digital asset to be licensed, replicated, traded, and destroyed is now possible. However, the old arguments for why this kind of ownership is bad still persist. What if an organization could get away from the old arguments and control its digital assets instead? How would that affect the value of the digital asset?
Control all transactions: The days of being able to close a credit account or prevent someone from changing their mind about a loan are coming to an end. However, the old arguments about control still exist. If a new system for digital asset ownership can be controlled, then who is to say that the old one cannot be used? What would happen if someone could change their mind after the fact?
Creates a new ecosystem: What do you think will happen if the entire world’s monetary flows are controlled by a new ledger system? Will everyone in the world be able to have all of their assets at their fingertips? Can banks compete with other financial institutions? Can a new form of wealth be created through new technological solutions?
Financial Disruption: The old model of doing business requires a lot of trust. But is the new model really any different? Can you really trust the Forex broker when they are taking money out of your account on a daily basis? Can you really trust that the banks can continue to do that when they are bringing in new clients who can then go on to borrow money from them? These are all questions that will need to be answered before a new system can be put into place.
Efficiency improvements: Is it possible to reduce the number of transactions that take place each day? Can you make each transaction quicker and easier to complete? Can you automate certain processes? Can you have less down time? This will eliminate human errors and streamline the process to provide an even higher degree of efficiency. This alone can create a new and exciting wave of opportunities for companies all over the world.
Creates brand new markets: By creating brand new markets, you can expand into territories that were not thought possible. Did you know that about 80% of the world’s population lives in a rural area? Imagine if you could tap into this market. No more commodity trade and an endless supply of new products. With the internet, it is entirely possible.
Now is the time to start considering what Blockchains have to offer. If you haven’t yet done so, you owe it to yourself to check out the opportunity that lies ahead of you. There is no limit to the amount of knowledge and ideas that will be produced as a direct result of what Blockchains can do. So get to work today!
Ensures your legal obligations are met: By ensuring that all your legal obligations are met, you will be well on your way to enjoying the benefits of this innovation. Once implemented, it cannot be undone. This goes for anything from intellectual property rights to supply chain practices. You can rest assured that all your interests will be protected.
Reduces costs and risks: Consider the financial savings that you could enjoy. All transactions are instant and there is no need for a third party. Your capital is in safe hands. There is no need for inventory tracking, inventory control or warehousing. With the potential for $4 trillion USD of trading volumes annually, there is no looking back.
Reduces risks and allows flexibility: One of the primary benefits of using Blockchains is the ability to reduce risks. You are under no obligation to follow any one set of rules. Each network is unique and as such there is a lot of room for innovation. The potential for creative thinking is endless. You are not locked in to what existing regulations state must be done. In fact, if you choose to use a different regulation, then you can!
Creates more possibilities: Through innovation you open up endless opportunities for new products and services. You no longer need to rely on just one system. There are several options available depending on your specific needs. You can be completely flexible when it comes to how and where you want to run things. A major benefit of all this is that it creates a sense of empowerment in people.