The need for digitization is becoming painfully clear to everyone these days. In recent months, progress has been made that was previously considered impossible to implement. In the course of this, key technologies such as blockchain are also gaining attention. This technology has so far been misunderstood, by users and observers alike. Properly understood, it is a powerful tool across all industries. BLOCKCHERS brings together blockchain fintech’s and SME’s to bridge that gap and provide knowledge for successful blockchain implementation.
Between hype and disappointment
Blockchain was above all a buzzword for a long time. The most common associations with this term are Bitcoin, Libra and a volatile market for crypto currencies. The technology is wrongly reduced to the financial industry, although it promises solutions for many other areas and industries. In addition, polarizing theses were mostly discussed: From the abolition of the financial industry to the futility of technology. Companies tried desperately to present block chain solutions – to present block chain solutions, and in doing so, forced the new technology into old thinking patterns and challenges. Not surprisingly, the potential of the technology has not yet been fully exploited and, after great promises, disillusionment is spreading. At the same time, the technology has been misunderstood so far.
A powerful tool
Blockchain technology is neither a magic bullet nor a danger, the truth lies, as so often, in the middle. For example, the technology will not abolish or shake the financial industry to its foundations, but rather it is a valuable tool for existing players to adapt their business model, reduce costs, accelerate processes, offer innovative services and open up new business areas. Conversely, of course, this also means that anyone who misses this stage of digitization will soon be looking at an outdated business model with inefficient processes and thus endanger their company. This is not a blockchain phenomenon, but a natural change triggered by innovation and technology. And it is not a phenomenon of the financial industry but applies to all industries and companies. Therefore, it is important for all actors to deal with block chain technology now to investigate use cases and implement target-oriented projects.
In doing so, an initial insight must be at the forefront: Many hopes are attached to the blockchain, it is, however, not a miracle weapon. It is another form of register that offers new possibilities. To do this, the blockchain must be fed with trustworthy data, ideally via sensors. Then, in conjunction with other key technologies such as machine learning and artificial intelligence, the technology unfolds its full potential and becomes the core of the Internet of Things. Therefore, the blockchain will not simply replace old systems, but is to be understood as an additional layer in the data infrastructure that improves processes at certain points or enables ideas that were previously not feasible.
BLOCKCHERS fills the gap
The project BLOCKCHERS helps to fill this knowledge gap. We carefully select blockchain start-ups for our calls that have great solutions. We support them with mentoring and help them educate potential partners to sensitize them for the potentials of this innovative technology. Only if many people understand that the blockchain offers great solutions for their business, projects can be executed successfully.