"Once a new technology rolls over you, if you're not part of the steamroller, you're part of the road". Loosely translated, this quote from Stewart Brand (US author and entrepreneur) means that you have to control the technology ("the steamroller"), otherwise the technology will control you ("the road"). Applied to the disruptive nature of blockchain technology, this means that the technology will continue to exist, develop and find its way into your value chains and business processes. In clearer terms: you can either develop with this technology and remain innovative or (in the longer term) end up as part of the road over which your competitors or start-ups roll. In order to take advantage of the opportunities offered by this future technology, it is important to understand it early on, deal with the implications and overcome any hurdles.
Hype or disruptive future technology? The potential of blockchain technology is currently the subject of intense debate. There are many theoretical application options and benefit scenarios, particularly across technologies and industries. Concrete practical use cases, on the other hand, are often still in their infancy. However, there is agreement on the disruptive innovation potential of this technology. Incremental or evolutionary innovations are based on existing structures and improve existing technologies / products or make them more efficient, cheaper and more customer-friendly by focusing on individual aspects of the value or process chain. Disruptive or revolutionary innovations, on the other hand, replace elementary components of traditional business systems or even make them obsolete by significantly changing the rules of the game on the market or in user behavior (e.g. by eliminating intermediaries). One example of an evolutionary innovation in the financial services industry is the development of the online payment service PayPal. The cryptocurrency Bitcoin, currently the best-known application of blockchain technology, is an example of a disruptive innovation.
Even if blockchain technology is still in its infancy, it will prevail and become indispensable in the future. It will be used on a daily basis in a wide variety of industries; certainly also in applications and areas of use that are not yet foreseeable. The important thing now is not to jump on the blockchain hype on the basis of cluelessness, but to build up solid knowledge and understand the purpose and benefits of this technology. Those who initiate change will have a better chance of managing the inevitable transformation. This also applies in particular to SMEs, the most important driver of innovation and technology in the German economy.
In order to initiate change and allow innovations to grow, the admittedly non-trivial task is to find individual use cases for your own company. As a first step, a blockchain initiative should therefore be seen as an integral part of the respective company's digitalization strategy ("management attention", integration and anchoring in the overall corporate strategy). In a second step, this requires the establishment of a corresponding basic understanding (empowering employees, reducing fears, granting freedom to experiment, creating trust, being open and courageous).
Together with our partners in the Blockchain Showcase Region Mittweida (Mittweida University of Applied Sciences, Blockchain Competence Center Mittweida, City of Mittweida, Volksbank Mittweida), we are introducing blockchain technology and practical applications. The Blockchain Showcase Region Mittweida is funded by the program WIR! - Change through Innovation in the Region of the BMBF - Federal Ministry of Education and Research. The focus of the initiative is on piloting blockchain-based applications within industrial and public business processes. This is to be achieved in particular through joint implementation with the regional economy, the networking of regional and supra-regional players and the involvement of the local population. We are helping to put the potential of blockchain technology into practice so that even more companies can benefit from the advantages of blockchain in the future.
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