With teamwork and clearly-stated goals, big transformations can take place — swiftly.
- In terms of programming, the year 2000 was perhaps the biggest digital change to date across the world. The reason for this is because, in the years before, two digits were allocated to computing related to the year. With 2000, three had to be allocated.
- Programmers around the world came together and successfully drove the Y2K conversion. The freedom they were given by politicians, who didn't entirely understand the problem, gave programmers the space they needed to make the changes expediently.
- When goals are clearly stated—in this case, December 31, 1999—people understand that there is a deadline on when they have to be done with their work before bad things happen. As a result of the teamwork operating under a clearly stated goal, there were no major catastrophes when the new year rolled in.
What's the big promise of blockchain in business? Its ability to eliminate the middle man.
- Blockchain is basically a ledger of people's transactions. It is the underlying programming on top of which the cryptocurrency bitcoin was developed.
- Blockchain doesn't allow for people's transactions to be hacked because everyone has access to a record of the values exchanged. Because of this, it is said to be unhackable.
- Blockchain has many potential uses, such as in accounting systems. This is already the case in Dubai, where its used for the city's stock exchange, and in the Baltic states, such as Latvia and Lithuania, for their political processes.
Tony Saldanha is a Fortune 25 executive in the Global Business Services (GBS) and Information Technology area. During a 27-year career at Procter & Gamble, Saldanha ran IT and GBS in every region of the world, helping create a multi-billion dollar best-in-class operation. He currently provides advice to boards and CEOs in Fortune 500 companies on digital transformation, especially on internal business operations.