How Blockchain Technology Will Affect Business Platforms blockchain | Page 19

Conclusion
With every new development in technology organizations must adapt or risk falling behind the
competition curve, taking into consideration with more than billions already invested by Venture
Capitalists (Lakhani, 2017) in the technology. From the idea of a public ledger that is decentralized
and stores each transaction data in cryptographic chain form the application for it is limitless.
It is high time for organizations and managers to invest and test the field of blockchain and what can
be achieved with this revolutionary technology. It ends digital piracy, which was the biggest down
side of the internet. Some major corporations like IBM already own many patents in the domain of
Blockchain to stay ahead of the competition Banks are also gearing up, with Bank of America
having owning major share of patents in that industry. Technology companies have also taken their
interest with likes of Qualcomm and Apple still trying to be innovative with few patents in the same
field It gives a new hope for music and digital artists by letting them sell directly in a more secure
platform. It brings an end to service intermediates; it changes how we transfer funds without banks,
it reduces the cost of contracts as no more lawyers would be required in the process,
it reduces the cost of logistics due to smart contracts. It will change the how we connect
to the internet without the DNS making it more decentralized. This is why even
very traditional institutions like banks were the first ones to accept this technology.
Organizations and businesses could either leapfrog to the next generation on business
platform or being left behind in the last generation of accepted platform technology standards.