With mainstream awareness of blockchain-based products and services increasing thanks to cryptocurrencies like Bitcoin, there’s a lot of buzz about the decentralized technology but very little understanding of what it is and its potential as a disruptive force.
I have been spending some time thinking about what blockchain-based channel tools could mean for brands and their channel partners. All relationships require trust to be successful. And transactions of any kind between two parties require trust, but it’s not always easy, especially given the ups and downs of typical business relationships.
According to Mike Orcutt writing for the MIT Technology Review, “the whole point of using a blockchain is to let people—in particular, people who don’t trust one another—share valuable data in a secure, tamper proof way.”
Blockchain-based systems are potential game-changers for indirect channels. They offer the potential for transparent, trusted and accountable partnerships. But they don’t exist yet, so for now, it’s interesting to consider the possibilities.