Developing-Leaders-issue-31-2019

64 | Developing Leaders Issue 31: 2019 Executive DEVELOPMENT Blockchain is a decentralized, distributed, digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. Along with machine learning and AI generally, blockchain is something any progressive business should make at least part of its digital strategy. As organizations look to the future, and particularly as they consider replacing tired legacy systems, they need to be thinking about the potential benefits of using some form of blockchain or distributed ledger technology. “Even if they go against a distributed ledger system and go for a centralized ledger, they should set that up in such a way that it could interface with a distributed ledger in the future. I think this is critical,” says Park. The ultimate benefit for businesses, and the reason it should be a strategic priority for leaders, is that blockchain technology can enhance performance and improve profit margins. It can profoundly streamline business processes and transactions, strengthen supply chains, boost customer relationships, reduce costs, and open up new opportunities for business expansion.

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