Understanding Blockchain Technology

Understanding Blockchain by:

Joseph J. Bonocore

President & CEO

Bonocore Technology Partners

Note: Check back soon for a link to the full audio presentation . Until then please enjoy an excellent summary from Joe’s notes:

“the consequences of this breakthrough are hard to overstate” – Marc Andreesen, inventor of the first web browser

In less than 10 years, blockchain has emerged from a small presence (bitcoin) to one of the most talked about innovations

 58% of surveyed executives from the information & communication sector believe that 10% of global GDP will be stored on blockchain by 2025. World Economic Forum 2015

1.    Understanding Blockchain:

a.    Centralized vs. Distributive ledger:

                                                 i.     Centralized ledger: Own ledger, have a trusted central authority to maintain and update- e.g. Banks/PayPal

                                                ii.     Distributed ledger: Trust without centralized authority, blockchain algorithm (process) updates every 10 minutes, first computer solves new transaction algorithm and remainder agree, ledger updates with new block of transactions for all

b.    Six key principles that enable blockchain to drive benefits within and between organizations:

                                                 i.     Shared publicly: every computer will maintain the entries

                                                ii.     Decentralized:  No central authority

                                              iii.     Secured: database is immutable and irreversible record

                                              iv.     Trusted: allows transactions to occur between unknown parties

                                               v.     Automated: software is written so that conflicting or double transactions do not become written

                                              vi.     Smart Contracts: ability to run additional business logic facilitates the ability to design and implement shared workflows and enhanced automation

c.    Benefits of blockchain:

                                                 i.     Increased security: e.g. greater encryption at each level of the transaction.

                                                ii.     Increased transparency: e.g. Improved auditability

                                              iii.     Reduced transaction time: e.g. near real-time reconciliation

                                              iv.     Reduced cost: e.g. improved operational efficiency.

Call us if you wish to understand how blockchain will affect your company. jbonocore@bonocore.com

Managing Change in a Knowledge Based Economy

Topic: Managing Change in a Knowledge Based Economy by:

Joseph J. Bonocore (jbonocore@bonocore.com )

President & CEO, Bonocore Technology Partners

Joe presented on “Managing Change n a "Knowledge Based Economy” at a recent meeting of APICS Chapter in Idaho. To hear the presentation please visit; https://soundcloud.com/user-523649815/ep-1-managing-change or check out the notes from Joe’s speech below for an excellent summary:

1.    Rapid change is happening in all industries and in all disciplines (one of the most significant: supply chain management;

2.    Leading causes of this change is growth in artificial intelligence and ease of adoption (credit cards);

3.    According to a number of studies, 40% of today’s jobs will disappear by the year 2030: blue collar as well as white collar;

4.    The 60% remaining will be either knowledge workers who know how to manage the new processes or those capable of managing the change process;

5.    Demand for people who can management change in this new marketplace is increasing significantly each year in all industries and disciplines as new technologies are being developed;

6.    However, being a true change manager requires following a proven method to limit mistakes, reduce time to implement, and add discipline to the process;

7.    A process I use in working with many international corporations is both time- tested and proven effective.

8.    This nine- step process is:

a.    Understand

                                                 i.     Gather Information: too many teams rush to defining a problem and do not understand;

                                                ii.     Clarify the real problem (not symptom); and

                                              iii.     Explore range of options/solutions

b.    Imagine

                                                 i.     Look at environment and signs from the marketplace;

                                                ii.     Narrow down options; and

                                              iii.     Choose high priority solution.

c.    Act

                                                 i.     Develop a change management roadmap;

                                                ii.     Gain commitment; and

                                              iii.     Implement roadmap

Assessing your organization's ability to successfully manage an innovative process:

An innovative assessment requires an objective evaluation of all the factors that could affect the process from idea generation to successful implementation.

Areas that should be evaluated as part of any innovation assessment should include:

1. Identify all the factors that are either feeding or starving innovation in your organization.
2. Define how your customers or clients needs require you to change your business mode.
3. Recognize the technology available to provide you new opportunities for innovation.
4. Understand the difference between change and innovation.
5. Develop a process for encouraging and permitting new ideas to be heard in your organization.
6. Identify where you sit on the innovation structure scale (predictability vs. creativity).
7. Ascertain any possible constraints (staff, group, organization, market etc.) that would inhibit identifying & implementing innovation.
8. Discover how your employees perceive innovation and make part of every person's job description.
9.  Recognize how your employee award system can drive or hinder greater creative thinking.