The IBM Institute for Business Value (IBV) study, called “Fast forward: Rethinking Enterprises, Ecosystems and Economies with Blockchains”, reveals how blockchain technology can create a permanent and transparent record of transactions to reduce or eliminate market frictions — such as participants of a transaction not having access to the same information or the high price of intermediaries.
Distributed ledgers will become the foundation of a decentralized platform for massive collaboration. The study predicts that by using blockchain technology the enterprise can: overcome complexity to scale freely, integrate vertically or laterally across a network or ecosystem, or both, be small and transact with super efficiency, be a coalition of individuals that come together briefly, operate autonomously and as part of a self-governing, cognitive network.
Therefore, blockchains will enable economic progress with new services delivered on blockchain networks accelerating access to those that were once locked out of efficient value creation to fully participate in an “all-in” economy.
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