NEW DECENTRALISED TECHNOLOGIES ARE DISRUPTING TRADITIONAL BUSINESS MODELS AND GAINING SERIOUS TRACTION ON EXECUTIVE RADARS
TAKING ADVANTAGE OF DECENTRALISED IT
Decentralised technologies such as systems, platforms and applications that are designed to operate without central authority or control are disrupting traditional business models and moving to the top of the executive radar. Often associated with blockchain technology, which is a decentralised ledger that records transactions across a network of computers in a secure and transparent way, these systems are used to increase transparency, security and efficiency in various industries, such as finance, supply chain management, and social media.
Current examples of decentralised IT systems include Bitcoin and other cryptocurrencies, decentralised file storage systems such as IPFS and Sia, as well as decentralised social media platforms like Mastodon and Diaspora.
Several AI products are generating global publicity, including ChatGPT, which crossed the threshold of one million users in just five days. The implications are enormous, from improving search to increasing developer productivity.
These developments represent the maturing of AI “decentralisation,” which refers to the rise of advanced AI technologies that are not monopolised by players with access to massive, centralised, proprietary data sets. McKinsey suggest that “in 2023, we can expect to see early signs of how this decentralisation can disrupt different sectors, likely starting in the entertainment, gaming, and media areas, where traditionally we’ve seen new technologies make early inroads”.
Decentralised technologies may be disrupting traditional business models, but along with the benefits, there are also new challenges and risks that need to be addressed including lack of regulation, interoperability issues and scalability to name a few.
It’s worth noting that some of these disadvantages may not apply to all decentralised IT systems, and some may be outweighed by the potential benefits. It’s important for organisations and users to carefully evaluate the trade-offs and risks associated with decentralised IT before adopting it. This is where NWT can help . We can highlight where a decentralised approach will best take advantage of the emerging digital technologies, and we can also understand the potential risk factor for the business and advise where a centralised approach should be retained.