The disruptive potential of tokens and blockchains initially surfaced with payments thanks to the controversy over and curiosity about their application in Bitcoin. But these two technologies could have much broader application. As explained in the companion article “Thinking Outside the Blocks,” blockchains and digital tokens establish digital continuity. The technologies can undergird any number of applications that bring together many different parties that often have no reason to trust one another. They can eliminate duplicative and error-prone transactions, and they can help create digital identity.
Assuming (and it is a big assumption) that the tradeoffs among security, functionality, and scale will be largely resolved within five years, a range of radically new blockchain applications are possible. Here are seven potential killer apps.
The BCG Henderson Institute is Boston Consulting Group’s strategy think tank, dedicated to exploring and developing valuable new insights from business, technology, and science by embracing the powerful technology of ideas. The Institute engages leaders in provocative discussion and experimentation to expand the boundaries of business theory and practice and to translate innovative ideas from within and beyond business. For more ideas and inspiration from the Institute, please visit Featured Insights.