Blockchain has the potential to change the way we do business in the future. It might restore the trust in our financial system and create a new ‘democracy’. One way in which Blockchain might do this is through cryptocurrencies such as Bitcoin.
There has been a lot of positive news about Blockcahin, and as I said, Blockchain has the potential to disrupt the business landscape. For example, Blockchain allows for less transmission costs as well as more secure payment methods, which could encourage more people to use Bitcoin.
So the question is why Blockchain and therefore cryptocurrencies haven’t become mainstream yet?
First, cryptocurrencies haven’t gained widespread acceptance because there is lack of infrastructure. Also, there is a lack of regulation and governments see cryptocurrencies as a threat, that is, if cryptocurrencies become mainstream, they will lose control of the money supply.
Second, consumers haven’t got their head around using cryptocurrencies as a method of payment. They are still comfortable with their cards and mobile payment technology. Also, people can relate the price of an item to their wages, which is harder to do and arguably more confusing with cryptocurrencies.
There is also the topic of Initial Coin Offerings (ICOS). While they have the potential to make a lot of money for the organisation and investors, the limited market and the high risks don’t sit comfortably with the majority of investors, who would rather put their money into the more traditional Initial Public Offerings. ICOs are also more susceptible to fraud and money laundering.
But where do Business Schools fit into all of this?
Blockchain is the next innovate topic in the new digital landscape, with the potential to disrupt almost every industry in the future. Therefore, Business Schools need to prepare future leaders so these leaders can help their organisation be successful in the future. Specialist courses around blockchain have already become popular in mainstream teaching.
I think these new courses will move back to some of the traditional ideas in MBA teaching because of the fundamental questions that this new technology brings. For example, questions that could be asked are: ‘What is money?’ and ‘what is a contract?’
It could be argued that these idea usually form the basic building blocks of any MBA course, but I think the ideas alluding to cryptocurrencies and its attributes should be discussed at a philosophical level at Business Schools so students can understand what they are trying to achieve.
At the very least, Business Schools will need to start the conversation and give their students the foundation to carry on the conversation as the world of Blockchain becomes clearer.
I also think Business Schools will have to market themselves as a thought-teacher around Blockhain and cryptocurrencies to stay ahead of the curve and attract a new breed of students interested in using Blockchain and cryptocurrencies in their entrepreneurial ventures.
Business Schools must not get left behind in this digital revolution.
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