Abstract: Blockchain – What You Need to Know on Harvard Business Review (hbr.org)

Blockchain – What You Need to Know on Harvard Business Review (hbr.org)

From Harvard Business Review: This is An audio clip and transcript of an interview with a Harvard business school professor explaining blockchain technology and its possible effects on various industries. He defines blockchain as a recordkeeping system where the records are distributed between users. Users can be pseudonymous or public but the records are public. Smart contracts using a blockchain may compete with accountants and lawyers for work. The blockchain would mean lower transaction costs and fewer transactions in every industry integrating it including banking and healthcare. Blockchain also could do provenance tracking (proving where a product came from), for example, did this broccoli really come from an organic farm in California? Provenance tracking could also be used to prove if the person picking the fruit made $5/hr or $15/hr. Blockchain can also help track when a delivery arrives and automatically transfer payment when the GPS shows it has arrived. Blockchain can also allow individuals to pay musicians directly for music which will affect the music industry. The interview finishes with the professor encouraging executives and organizations to experiment with blockchain uses, using low level investments to learn about blockchain and how it might be useful to each business.