Embracing the Power of Blockchain Technology

We often forget just how much technology has changed our lives in the last few years. Therefore, it should be no surprise that our love of cold hard cash could be the next twentieth-century casualty to fall by the wayside.

During the digital transformation, we have witnessed traditional forms of physical media fall out of favor as users abandoned their treasure trove of CDs, DVDs, books, magazines and even photo albums to partake in an entirely clutter-free life. Digitally optimizing our lives has enabled us to remove shelves, cabinets and dust magnets while we get our entertainment fix from the likes of Netflix, Spotify and the endless list of streaming alternatives.

We often forget just how much technology has changed our lives in the last few years. Therefore, it should be no surprise that our love of cold hard cash could be the next twentieth-century casualty to fall by the wayside.

Over in Europe, Denmark and its Scandinavian neighbors Norway and Sweden are leading a charge toward a cashless society that will see the end of tooth fairy payments for children, but will equally wave goodbye to a world of money laundering, fraud and tax evasion. The bonus of replacing scrambling around for loose change for a purchase, or riding public transportation with contactless payment by swiping a card or smartphone, is incredibly appealing for most users.

The concept of handing over a handful of silver coins in exchange for any product or service can feel quite primitive in our modern world dominated by technology. However, contactless and smartphone payments are not the end-all, be-all payment options, as there is another game changer in the form of a cyber currency. But does this technology disruptor have the power to transform our traditional banking system?

Blockchain is the digital ledger software code that powers Bitcoin. As this system has grown in popularity, the CEO of Digital Asset Holdings, Blythe Masters,has her sights set on changing the way banks trade loans and bonds in a way that could dramatically change the way we look at both business and banking. Blythe delivered a massive wake-up call to finance leaders when she compared the influx of changes to the arrival of the internet when she advised, “You should be taking this technology as seriously as you should have been taking the development of the internet in the 1990s. It’s analogous to email for money.” The speed in which technology trends can go viral illustrates how an internet of finance could become a reality sooner rather than later.

The interesting aspect of Bitcoin is the ability to buy and sell without the need for an intermediary. This represents a paradigm shift in the management and structure of the financial services industry. However, adopting innovation and changing entire ecosystems is not something that the notoriously cautious financial industry and affiliated regulation committees are famed for.

Because this technology has the potential to reduce the role banks play in the lives of individuals, it is understandable why financial institutions are skeptical. However, these developments cannot be written off just yet. They could save consumers and the financial industry billions of dollars while also removing their reliance on middlemen to offer a speedier, modern and more efficient banking experience.

The ultimate goal is to move payments globally much faster while simultaneously becoming more transparent and lowering costs. We will likely begin to witness early adopters making waves in the private market before the ever-cautious big players speak of standardization and implementation. However, there are already a few of them dipping their toes into the water.

According to the PwC, there are already over three hundred technology startups developing ideas that will allow blockchain to revolutionize the financial industry. Big players like Visa and Nasdaq are already investing heavily into a blockchain startup, and there are also plans to modernize the London Market. Lloyds is looking to blockchain technology to improve its data access and reduce costs associated with administrative paperwork.

There are daily stories of heavyweights within the financial industry becoming increasingly eager to capture the tamper-proof benefits offered by a future web-based cryptocurrency. Technology leaders such as Microsoft also have thrown their hats into the ring to demonstrate the possibilities that blockchain technology can offer.

There is exciting potential to completely revolutionize the way in which the finance industry works. But in its infancy, many will continue to exercise great caution before rushing into a shiny electronic cash system that is fully peer-to-peer. The future of cash and pockets full of loose change is indeed looking numbered, as many wonder if in just a few years we will be looking back at our quaint primitive payment methods in the same way many do with physical media now.

Cryptocurrencies that thrive in a transparent environment might seem like a foreign concept today, but the rise of blockchain technology is one Hard Trend that will quickly prove to be impossible to ignore.

Finance trends can be anticipated – when you know how to look. The Anticipatory Organization Model has the power to shift an organization’s operating mindset from the default of reacting and responding to changes coming from the outside in, to a place of empowerment by anticipating and shaping the future from the inside out.

Move Your Organization into the Communication Age

For the last several decades, we have been working hard at helping our company become an information age organization, finding new and better ways to distribute and display information. Having 24/7 access to email and web sites via our mobile devices, it’s hard to find any area in an organization that doesn’t provide access to information.

We receive more information than we can keep up with. Between numerous collaborative tools, memberships to multiple informative groups, subscriptions to paid and free information funnels, and being subject to mobile advertising, we’re literally drowning in information.

We must propel our organizations into the communication age to reach the next level of organizational excellence and to solve information overload.


Informing Versus Communicating

Informing is one-way, static, and seldom leads to action, while communicating is two-way, dynamic, and usually leads to action.

Ask yourself, “In our organization, are we better at informing than communicating?” The majority will answer “yes.” If you can’t communicate internally with your staff, how can you communicate to anyone externally? Do not stop informing people; start tapping into true communication. When you focus on maximizing two-way communications, you can create a communication age organization.

Fully embracing the communication age doesn’t erase the information age. You don’t want to erase the past; you want to move forward into the future. The “new” opens more options to innovate and lead. We did great at evolving into information age organizations, so we should move forth into the communication age in a similar fashion.


The Right Tool for the Job

Ironically, we have all these fantastic communication age tools, but we use them in an information age way due to our residual information age mindset. It’s time to learn how to use these tools in a way that advances the organization and promotes both internal and external communications. Here are suggestions that can help move your organization into the communication age.

  • Know and learn how people communicate.

Not everyone communicates in the same way. It’s common for some to not return voicemails but return text messages. Likewise, people in different generations prefer different communication tools. The key is to understand how people like to communicate. People tend to use the communication tool they’re most comfortable with. Also, ask the other party how they prefer to receive communications. If your goal is to elicit some sort of action, you have to communicate in the manner that will allow the other party to respond.

Just as people communicate differently, they also learn and absorb information differently. Some people would rather listen to a book than read it. Knowing this, it is safe to assume that person would likely prefer voicemail over email. A person’s learning style mirrors his or her communicating style. Deliver the message in a way that ties into their learning style.

  • Get social inside the organization.

Social media is all about communicating and informing. Before social media, the internet was solely for informing. Because of this shift to informing and communicating, it has been rapidly embraced by young and old alike. Companies should consider using these communication tools internally. Many social media platforms are great ways to connect employees across departments, regions, and countries. You can even have your own internal version of these popular social media platforms.

Reframing the use of social networking allows companies to increase communication, collaboration, problem solving, and competitive advantage with little cost. These tools are free or nearly free, making them accessible to organizations of any size. Embrace these tools and utilize them to enhance your communication of information that generates action and response.

  • Create community.

Two types of online communities exist: communities of interest and communities of practice. A community of practice is a professional type of community where members share their knowledge and best practices.

A community of interest is an environment where people share similar interests or passions. You can even get granular when it comes to communities of interest to filter information. Perhaps you narrow down your car community to one that only includes people who drive a Dodge Challenger SRT Hellcat.

In your organization, you can set up virtual communities of practice in order to get people communicating ideas and sharing knowledge and expand it to diversify communication. For example, establish a community of practice for all the CEOs in your industry, which opens up the communication channels for enhanced dialogue and innovation industrywide.


Embrace the Future Today

These suggestions are aimed at improving communications rather than merely providing more information. You need to ask yourself how your organization can use these tools not only internally but also with your customers to enhance information and add communication.

Using today’s technology in a way that opens a meaningful dialogue will move your people to action and advance the organization to new levels of success.


Ready to see the future and plan with greater confidence?

Pick up a copy of my latest bestselling book The Anticipatory Organization. I’ll pick up the cost of the book if you pick up the cost of FedEx shipping. Go to www.TheAOBook.com to get your copy.