The Capacities of Blockchain in the Field of Innovation and Managing Innovation in It
Blockchain is the controversial technology of these days in the world. Cryptocurrencies like Bitcoin that are being traded and transferred in markets based on this technology, are introduced as the most famous resultant tool from Blockchain. But the capacity of this new technology is much more than just being limited to cryptocurrencies
Blockchain is the controversial technology of these days in the world. Cryptocurrencies like Bitcoin that are being traded and transferred in markets based on this technology, are introduced as the most famous resultant tool from Blockchain. But the capacity of this new technology is much more than just being limited to cryptocurrencies. Blockchain is a kind of technology that can be implemented in very various and different industries and fields and would lead to the formation of unique innovations, but how can it be used in different organizations and companies and be counted on well as part of the industry that increases the speed of entrepreneurship and the development of different businesses? How will the management of potential innovations proposed by Blockchain take place?
Reducing the Cost of Trades and transactions, and Helping Different Businesses
The innovations that can be formed using the numerous capacities of the Blockchain technology, are extremely variant. Newfound companies and young entrepreneurs need to use methods and alternative that will minimize the cost of trades and transactions in order to enter the world of investment and commerce. What other technology and solution can facilitate different activities of medium and small businesses and be a jumping platform for entrepreneurs better than implementing Blockchain with its unique features in eliminating financial middlemen, increasing the speed of transaction confirmation and its security.
Also, the process of different trades, with the presence of Blockchain-based technologies, will go from weeks to days or to hours. This will lead to a considerable decrease in the costs.
The Possibility of Continuing the Business and Trades of Different Companies 24/7
In order to buy or sell in any market, there are limitations, one of which is that those markets are bound by some hours during the day and night. But with the help of Blockchain we can achieve new innovations in the field of commerce and communications. Waiting for different markets to open, get many opportunities from entrepreneurs and different companies in order for them to participate in the international trade, but Blockchain-based technologies make you face some markets that are active nonstop 24/7.
The Possibility of Using Blockchain’s Capacities for Collective Investment
Various innovations can be formed with the help of Blockchain technology. For example, startups, newfound companies, or entrepreneurs can engage in collective investment with the help of Blockchain. Through the security features available in the system of Blockchain and the possibility of making smart contracts, people can invest in different commercial and financial projects, and only transfer the money fully to the project when the mentioned project has reached positive results and growth. This capacity of Blockchain in attracting collective assets in order to further entrepreneurship projects or different companies (mostly small and medium companies) would lead to the development of creativity on any level in the country. There will no longer be the need to use traditional methods and getting help from investors to achieve financial and commercial aims.
Developing Stock Markets with the Help of Blockchain
Another capacity of Blockchain that helps the growth of innovation in the world of commerce, finances and businesses, is the possibility of using this network as stock markets. Companies can create Blockchain-based platforms and engage in buying and selling each other’s stocks in them. This means that buying and selling of stocks take place with the help of cryptocurrencies and commercial communications and interactions in the new world will enter a new phase of activities.
The Formation of Insurance Companies to Protect Digital Assets
Any new technology brings with it numerous opportunities for innovation and creativity. One of the most interesting things that can be a type of resultant technology from Blockchain, is launching insurance companies to protect digital assets. For example, if somebody has been active in the field of cryptocurrencies and has stored digital assets in his wallet or other places, he/she will not be able to transfer his/her assets to others or his family and loved ones in case of a sudden death. In these situations, the activity and launch of insurance companies that protect the digital assets and activities of users in the world of Blockchain will eliminate the possibility of losing different assets.
Reducing Electricity Costs and Trading Energy Among People
The way for creativity and innovation in using the Blockchain technology is open. For example, in order to reduce electricity costs and creating the possibility of using the solar energy and trading it among different users, we can also count on the creativities resultant from the Blockchain technology. For example, you can connect solar panels to computers in order to receive energy and by counting the electrons that your computer counts and registering them in the Blockchain system, sell suitable solar panels to different people. By implementing such creativity, there is no need to use traditional electricity and new companies in the field of selling solar panels will enter the market.
Implementing Blockchain to Register and Record System Data
Using the Blockchain network to register and record different organizational data is another example of the resultant innovation coming from this technology. For example, implementing Blockchain to register and record people’s medical data and cases in the field of health care can help facilitate the treatment and paper work process and reduce many costs. Such a creative application of Blockchain can minimize many problems and scams in the industry of drugs and medical equipment. In general, the transparency of operations in this system creates the possibility of tracing the origin and the process of product movement or any other service in its value chain in Blockchain, whether in the field of medicine or any other field (for example the value chain of different goods in the food industry).
Innovation with Blockchain in the Field of Real Estate and Rent
Another creative achievement of Blockchain is the possibility of using it in the field of real estate. With the help of registering and recording data related to real estate, it is possible to trace contracts, trades, the background of any property and the trades related to it and such matters with very high security. Even in the field of hoteling and tourism the use of Blockchain can be a very creative manifestation of the development of this technology. Keep in mind that a traveler will empty the hotel room after a couple of minutes after the checkout time, and will not pay back for the missed opportunity of the hotel to check in another traveler in the room. In this way, Blockchain can still be valuable. If the hotel information is recorded in an infrastructure like Blockchain, it will be possible for the public to trace rented items, and the details of any place that it offers make it possible for the next traveler to replace the previous one in the least amount of time.
Management of Innovations Resultant from Blockchain
To use Blockchain in different businesses and creating new creativities in this way, we should consider a managing and strategic trend in implementing them. For example, the following steps can be successful in the management of Blockchain innovations:
- Discovering the different opportunities that Blockchain offers for expressing innovation and creativity with its capacities.
- Attempt to develop and release ideas formed in the previous step, by designing methods for developing different projects and taking them through trial and error.
- Entering each project to the profit phase and trade marking it for use in the proper dimensions of any market. Sometimes, some projects get to mass productions phase based on their nature and some are implemented on a personalized level for customers.
The capacity for expressing creativity in projects that are active based on Blockchain is very high, and in the near future we will hear more about its colorful examples in different industries.