I recently read The Business Blockchain by William Mougayar, which provides a really strong description of the practical applications of this important new technology. This goes way beyond bitcoin. William anticipates a future with thousands, possibly millions, of blockchains that will enable frictionless value exchange and disrupt traditional business models.
He defines blockchains as “new technology layers that rewire the internet and threaten to sidestep older legacy constructs and centrally served businesses.” A blockchain injects trust into the network.
A couple years ago, William and I wrote an article about the trust web, in which we explained how the transfer of authority and trust to a decentralized network enables the continual recording of transactions on a public “block,” creating a unique “chain” known as the blockchain.
The Business Blockchain further explains what the blockchain is and how it works, and goes into depth about the blockchain’s multiple layers. He also includes practical examples of how to implement the blockchain within specific industries.
According to William, we shouldn’t be asking what problems the blockchain solves. Instead we should be focusing on new opportunities. It’s hard to even imagine the possibilities that will develop as traditional business models are disrupted and a new level of trust and transparency is enabled.
If you’re at all into authenticity and trust on the web, this book is a must read.