[2016-07-02] Mint: How blockchains will change the way we do business

How blockchains will change the way we do business

http://www.livemint.com/Industry/8VaT9IXORJJCUziHcbya3L/How-blockchains-will-change-the-way-we-do-business.html

Blockchains first gained attention as a platform for cryptocurrencies like Bitocoin. Since then, non-currency assets on the blockchain have grown 1,600% to reach $1.6 billion between 2013 and 2016, according to a new report by IBM Institute for Business Value that was released this month. The report suggests that blockchains will evolve over time and are potentially self-sustaining because of their distributed nature.

Businesses that are born on a blockchain, according to the report, will surely assume new forms. The most novel may be the capacity for an organization to act autonomously. As blockchain-based transactions become more sophisticated, the business network as a whole will achieve greater levels of autonomy, reducing the need for human governance and ultimately evolving into self-governing, cognitive business networks, the IBM report says. These autonomous organizations, effectively, will stretch our definition of what it means to be a dynamic enterprise.