What Problems Will You Solve with Blockchain?
Article

What Problems Will You Solve with Blockchain?

Before jumping on the bandwagon, companies need to carefully consider how ledger technologies fit into their overall strategy.


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9

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  • Applicable
  • Overview
  • Concrete Examples

Recommendation

Blockchain is making big promises, and companies like Microsoft and Walmart make outsize investments in blockchain implementations. For managers wondering how to bring the benefits of blockchain to their organizations and stakeholders, Teppo Felin – a professor of strategy at the University of Oxford – and Karim Lakhani – a professor of business administration at Harvard – outline a game plan for blockchain implementation. This expert overview from the MIT Sloan Management Review will help you get your company off the blocks and moving in the right direction.

Summary

Distributed ledger technologies, such as the blockchain, are technologies for creating, updating and aggregating decentralized digital records. Blockchain technology promises to facilitate trade by creating transparency and enhancing trust through indelible records of contracts, transactions and rights. Blockchain allows multiple users simultaneous access to instantly updated records. Blockchain also integrates with automation and allows for aggregation of data. Smart implementations of blockchain can simplify operations, facilitate automation and turbocharge...

About the Authors

Teppo Felin is professor of strategy at the University of Oxford’s Saïd Business School. Karim Lakhani is a professor of business administration at Harvard Business School and co-founder of its Digital Initiative.


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