The answer is probably surprising. What constitutes ‘trust’ and how do you quantify it? A trust cost is any transaction that requires verification, especially by a 3rd party. Payroll, time tracking systems, inventory systems, notaries, contracts, and on and on. Business & trust are intertwined at the finest of resolutions because we rely upon businesses to facilitate a role for us a role of providing goods and services that we couldn’t otherwise attain for ourselves. That network of connections and resources to make all of that available to us is defined by their cost of doing business, which a large % of falls under this trust umbrella.
Now imagine if you could replace the cost of that trust, all of those varied transactions, contracts, and relationships and reduce that trust cost to the cost of some computers running on some electricity? How would that impact your business?
I imagine dramatically.
That is what the blockchain revolution is rooted in. Replacing the trust in central systems, contracts, and transactions with the veracity of math as the arbiter of these systems. This reduces operation cost across the board, enables much more efficient and connected business both in the external sense to their customer but equally internally to their employees as more obscure implications of trust through ideas and effort can be fairly and transparently managed.
This and many other factors are why 2019 and the future is shaping up to be a very interesting time of change throughout the business world and this will reverberate throughout every industry and resonate with all of them as a reduction in the cost of doing business of that magnitude is paralleled few times in history.
As incredible projects roll out they will revolutionize the way businesses are run, compete, and do business – how will it affect yours in 2019?