Last week, in our "Wait, what?" session, we dived into the Droste effect, thanks to one of our designers, Nor Mira Canales, who wanted to explore the...
Have you also been reading a lot about blockchain?
If you’re anything like me, you’ve had many conversations about it and have even bought some BitCoins (without really knowing what to do with them).
So I’ve had a general idea of what it is for while, but I recently decided that it was time to really figure out what it really involves.
While doing this, I discovered something interesting: the concept of blockchain aligns so well with the work we do at WNDYR. But before I explain why, here’s a bit of an introduction to the topic.
Blockchain Simplified: A Decentralised System with Massive Potential
The word “blockchain” is the informal name for Distributed Ledger Technology (DLT), which allows people to make transactions and exchange value with each other through a decentralised system, without a third-party intermediary, like a bank, needing to validate the transaction.
The transaction does still need to be validated, of course, but this is done through mining, where people are paid to be the first to validate a transaction, or “block”, before it is added to the “chain”, which keeps the system secure. Once the transaction is approved, there is an indelible record on the “chain”, which also guarantees transparency.
The most popular applications of blockchain technology are cryptocurrencies like BitCoin and Ethereum. But beyond exchanging money, what is the potential of blockchain on a larger scale, and what does this have to do with changing the world of work?
How does Blockchain Relate to What we Do at WNDYR?
As a system, blockchain will create value in the following ways:
- Operational simplification
- Regulatory efficiency improvement
- Counter party risk-reduction
- Clearing and settlement time reduction
- Liquid and capital improvement
- Fraud minimalisation
This aligns with what we do point for point, on a broader scale. Our approach and the technology we use might be different, but the inherent philosophy is the same. And here’s a breakdown of each point to show you why.
How We’re tracking with an Evolving Global Philosophy: Immutability, Transparency and Autonomy
This is how we do it:
1. We simplify operations
As blockchain calls into question hierarchical structures, and creates a simple way to make transactions, our Deployment Consultants simplify our clients’ operations by understanding what they do and how their business works, and mapping this into their chosen workflow tool.
2. We improve regulatory efficiency
In setting up efficient workspaces for our clients, we’re laying the foundation for better regulatory environments. With information accessible to an entire company, it’s easier to comply with what you need to, because everything you need to know and understand is accessible and organised in an efficient way. Blockchain creates this by doing the same thing: keeping an accessible record of everything.
3. We reduce risk
When our clients integrate their work processes in their chosen tool, they’re reducing risk because they know everything they need is in one place. Like the blockchain record, a workflow tool provides access to lists of tasks, documents and everything else, so that no important information is lost- provided you use the system correctly, and manage your storage proactively!
4. We save time
The aim of blockchain, like our approach to doing software deployments, is to create “one version of the truth”. This saves time because no one has to try figure out where everything is in a properly set up workspace. And just like a transparent blockchain record, there’s no wasted time digging around trying to find out who did what, and when.
5. We improve businesses
Just as blockchain creates a more open and efficient way of doing business (if all the checks and balances are in place), business is better because it can be done more easily, without any third-party limitations or restrictions. In the workspaces that our team sets up for our clients, we’re creating a similar system, making business better by making processes better, through visibility and improved user experience.
6. We create transparency
Our Deployment Consultants break down communication silos in teams, and it’s this kind of transparency is what will change the way we work and do business in the future. We know that transparency and accountability are key to the smooth running of a business- although privacy and sensitive information are important considerations.
How does blockchain relate to our vision of the future of work?
With so many people to look after, care for, feed and support in our growing global economy, collaboration and transparency is key. This means we need to develop better and more effective systems to manage our growth.
With work moving towards increasingly automated processes, technologies like blockchain are also going to play a critical role in defining the way that we operate as a business. So while we are currently focused on shifting the way people work inside businesses, blockchain is also going to affect the way that businesses interact with each other.
And this is a big deal.
We can’t know how it will all turn out, but while we grow, and blockchain develops, we’re keeping ourselves ahead of the curve, by keeping in touch with what is going on in the broader world of work.
What are your thoughts on blockchain and how it will impact your business? Share your thoughts in the comments below- we’d love to hear from you!