The blockchain revolution and what comes next

The conference hall at the GDI in Rüschlikon is packed, the topic: blockchain! This is surprising because the term blockchain is not really on everyone's lips and also requires a lot of explanation. Perhaps this is precisely why the managers present wanted to take advantage of the conference opportunity to gain a better understanding of the topic and the expected effects of its use.Blockchain and Bitcoin are not the same thing An early application of blockchain is the cryptocurrency Bitcoin, which has been in use for several years. However, to equate Bitcoin and blockchain would be a dangerous trivialization, as we are talking about a completely different dimension of technological application with blockchain. Blockchain is used in the transaction business and especially in the exchange of goods (assets). If the Internet is about exchanging information, the exchange of goods is automated when blockchain is used - the intermediaries usually involved in the transactions become superfluous, and the example of a stock exchange transaction illustrates how many intermediaries (middleman) are eliminated when the blockchain connects buyer and seller directly and the transaction is secured with a so-called smart contract:

Today's intermediaries perform a trust function in the transaction business; the blockchain has this element of trust built right in. Two important features are part of blockchain: transparency and the elimination of duplication. Blockchain can also be understood as a system-based, self-sufficient accounting of transactions; humans cannot exert any corrective influence, which largely rules out abusive or criminal activities.Will blockchain change entire industries?According to experts such as Alex Tapscott, blockchain has the potential to disrupt entire industries. Many processes that appear simple to the consumer, such as a payment order, are multi-stage and complicated in industrial processing. The use of blockchain leads to a radical simplification of processes and therefore to massive cost savings. The fact that many jobs will also be made redundant is an effect that should not be underestimated.Great explosive power - also for the areas of marketing and communicationIs blockchain also relevant for marketing and communication? At first glance, not really, as it is just a new technology for simplifying processes. On closer inspection, however, it is clear that the explosive power is so great that entire industries and therefore companies can be shaken to their foundations. It is therefore advisable for open-minded marketers to tackle the topic of blockchain and acquire a solid basic understanding as a minimum. A concise book on the subject is "Blockchain Blueprint for a new Economy" by Melanie Swan, which explains the abstract subject matter in a way that is easy to understand.