The idea is to break the barriers of knowledge around Distributed Ledger Technology
The World Economic Forum (WEF) published a guide which allows understanding and evaluating the benefits of blockchain applications. In the same vein, it includes how to take advantage of them. The agency made the announcement recently through a press release.
The intention of the initiative seeks to improve the knowledge of this tool, since Distributed Ledger Technology (DLT) is not understood by some people in different regions of the world until now.
Due to the boom that this technology and the cryptographic world have gained, the increase in the applications of these new technologies is a reality. Despite this, a large number of companies still does not know how this technology works.
The document has 17 illustrative pages, which explain in a basic way the true benefits of blockchain, the challenges still to be overcome and the false hopes that companies and users should avoid.
Basically, the document divides the chain of blocks into several components that would be more easily understood by the companies that want to use them.
How to Take Advantage of Blockchain?
The document explains how to apply blockchain, giving six recommendations for companies that want to implement this technology. Among the first steps is to take time to understand the technology, establish realistic expectations (identify incentives and risks), in order to identify the strategic priorities of the company or project.
The report also recommends evaluating whether blockchain or other technologies are the best solution or not, by clarifying that “blockchain is not a substitute for digitization and should not be treated as such”. Finally, the report reminds that organizations should maintain an agile approach, since this allows improving the evolution of the strategy and thinking beyond the individual organization.
The file states: “The decentralized nature of blockchain makes the transformation from an isolated approach to an ‘end-to-end’ value chain integration in fragmented and complex environments more achievable. In fact, the lack of collaboration can undermine, or even block, such a transformation. When assessing value, it is important to consider scale and network effects, especially when collaboration is allowed”.
Accenture Research, a company that offers services related to information technologies, collaborated with the creation of the document based on a global survey of 550 people in 13 industries, with interviews to public sector leaders and executive directors of the private sector, and an analysis of 79 blockchain projects.
Councils of the “Fourth Industrial Revolution”
The Blockchain Value Framework guide follows the “Blockchain Beyond the Hype” report, published by the WEF last year. Sheila Warren, Head of Blockchain and Distributed Ledger Technology at the World Economic Forum, explained that the purpose of this technical document is to provide guidance in the application of that technology.
“This new framework is for those business leaders who have discovered that blockchain is the right solution for a specific problem, but they do not know what to do next”, she said.
At the end of May, the WEF also announced the formation of six “councils of the fourth industrial revolution”. This is another advance that the organization prepares in blockchain matter for a correct use of new technologies.
By María Rodríguez