Why executives should start building strategies for Blockchain and the Internet of Things:

The opportunities are becoming clearer and the technology to usher in true transformation across all industries is starting to emerge and mature. These are exciting times that allow for us to create the future we envision. The time to consider impacts to the old order and strategies to embrace new possibilities is now! Everyone must get involved become educated and make the world more efficient.

When thinking about the Internet of Things (IoT) and all the possibilities of connected devices communicating and reducing costs across several industries like oil and gas, mining, supply chain and manufacturing the one thought the comes to mind is how are all these systems going to be connected securely and in an architecture that deems them usable.

Executives must approach the IoT with grave concern about cybersecurity. IoT poses greater risks of data breaches as organizations connect to millions of embedded sensors and communications devices.

#Blockchain and technologies like the #Tangle provide a layer of trust that will be an enabling technology that makes these visions possible. With all these new devices transactions must be frictionless and costs associated with them must be low since vast amounts of data will be transferred over the networks.

Businesses Executives will need to rethink how their organizations are structured. Emphasis will be placed on the data sciences and statistical analysis and there will be no process or function within a company too insignificant to consider for process re-engineering.

These are exciting times we are entering and as Blockchain moves into the mainstream the world is getting closer to a connected IoT that will enable the vision of a world futurist predicted possible.

http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/an-executives-guide-to-the-internet-of-things