【Author】
Felin, Teppo; Lakhani, Karim
【Source】MIT SLOAN MANAGEMENT REVIEW
【Abstract】Distributed ledger technologies collectively known as blockchain have burst onto the business scene, accompanied by a significant amount of hype. Some of the excitement may indeed be warranted, the authors say, but only if organizations focus on how these technologies can be used to support their strategy. Businesses can use blockchain to gain an edge over rivals in a number of ways. It can be a foundation for applications that streamline core operations, lower transaction costs, and make intellectual property ownership and payments more transparent and automated. However, the authors advise against jumping on the bandwagon until firms understand what specific problems they can solve with blockchain and for whom. For example, how will it help them reach new customers? How can it improve efficiency or transparency in their supply chains? And most important, what will blockchain enable them to do that competitors and new entrants can't do? Companies can begin reaping benefits when they understand what the technologies are capable of doing and then systematically configure blockchains in ways that align with their unique strategy, their existing capabilities, and the problems they can solve.
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