Don Tapscott, CEO of the Tapscott Group and the co-author of Blockchain Revolution, appeared on an interview hosted by multi-billion dollar management consulting firm McKinsey Company, to discuss the serious disruptive nature of the blockchain technology and its applications.
Circumventing the realm of the financial world, Tapscott believes the application of the blockchain technology can reach any industry in an economy and seriously disrupt it.
The basis of Tapscott’s argument derives from the blockchain network’s ability to handle all sorts of data on an irrefutable ledger. One well known application of the blockchain technology is bitcoin. The digital financial network of bitcoin possesses the power to settle payments with maximum freedom of transaction.
This financial application of the blockchain network can be merged with a smart contract-based platform which can operate complicated tasks, including the establishment of a contractual agreement between two parties or multiple parties which could involve the processing of financial transactions or properties.
During the interview, Tapscott takes on the music industry as an example. Musicians in the music industry have always expressed their concerns regarding the revenue margins between the musicians themselves, label companies, and music distributors.