14 Nov Unit 5_MT497_Discussion response
13794Respond or elaborate on the response below:
In this week’s discussion I have looked at disruptive innovation and how technologies like blockchain are reshaping organizations. Daft (2021) describes disruptive innovation as a small or early-stage idea that eventually replaces dominant technology. Blockchain is a great example of something that started small but is now influencing big areas like contracts, finance, and data security.
How blockchain relates to contracts and why it’s disruptive
Blockchain technology connects to contracts through smart contracts, which are agreements written in code that automatically execute once certain conditions are met. Blockchain enable “decentralized consensus,” allowing contract terms to execute without traditional middlemen like banks or legal intermediaries (Cong & He, 2018). Since the agreement lives on a ledger, no single organization controls it, which can reduce costs and speed up transactions (Nzuva, 2019).
This is considered disruptive because its challenges long-standing systems for contract enforcement. So instead of just using paper contracts and relying on trust solely in institutions, blockchain allows trust to come from the technology itself. This shift could change how organizations handle payments, transfers, and even identity verification.
Does blockchain ensure privacy or security? Why that matters
Blockchain isn’t automatically private just because it is secure. Blockchain is very strong in terms of its data integrity since once the information is added it is very hard to change (CSIRO, 2016). That part alone significantly boosts security.
The privacy aspect however is a totally different story. A lot of these public blockchains make the transaction information visible, which can expose sensitive data unless additional privacy tools are used. Cong and He (2018) pointed out that decentralized systems can sometimes spread information more widely than intended. This is important to know because the companies that are using blockchain contracts still have to protect customer data and follow all regulations pertaining to that data.
Is a contract more valid or not using blockchain
A contract that is recorded on a blockchain is not immediately more valid in a legal sense. Traditional laws still require things like offer, acceptance, and intent. Blockchain can help with evidence and execution but legal scholars advise that code can’t handle every nuance of real-world agreements (Basson, 2024).
In that light blockchain makes contracts stronger in a technical standpoint but the legal validity still depends on conventional contract laws.
Benefits or disadvantages of public blockchains
Benefits
Innovation: Smart contracts support new types of transactions and digital business models (Blockchain Research Lab, 2020).
Decentralization: Removes the need for a central authority, reducing the risk of manipulation (CSIRO, 2016).
Transparency: Anyone has the ability to audit the ledger, which in turn improves trust in industries like supply chain and logistics (Habib, 2022).
Disadvantages
Issues with Scalability: Public blockchains can be slow and not ideal for high-volume transactions (CSIRO, 2016).
Privacy limitations: Data transparency can expose identities or transaction details (Cong & He, 2018).
Regulatory challenges: Since control is decentralized, laws and policies struggle to keep up (Habib, 2022).
Irreversibility: Mistakes can’t be undone easily which can create problems when human judgment is needed (Sklaroff, 2018).
Overall, these public blockchains do offer some promising upside but they also require careful design and legal planning.
Differences in Innovation among Apple, Google, Amazon, and AMD
All of these major companies innovate but they each do it differently.
Apple: Their focus is on its integrated hardware and software. Their style of innovation leads with design, user experience, and control of its ecosystem (CliffNotes, n.d.).
Google: This company is more experimental and platform driven. Google relies on data and algorithms (Strategyzer, n.d.).
Amazon: Most know for their operational innovation. They disrupt industries through logistics, cloud services, and customer focused business models (STL Partners, n.d.).
AMD: They innovate at the hardware level like creating improved chips to challenge companies like Intel. Their main focus is on its engineering efficiency and performance rather than consumer ecosystems.
To put this simply Apple is design driven, Google data driven, Amazon operations driven, and AMD is engineering driven. Each of these organizations disrupt markets based on their strengths.
Small-Medium Company disrupting Large Industry
The company I researched for this is Netflix who originally started out as a smaller DVD by mail service. Over the years Netflix moved to streaming and then creating its own original content. This allowed them to disrupt and eventually overtake everyone’s favorite at that time, Blockbuster.
Referring to the concepts discussed in Chapter 11, Blockbuster failed to self-disrupt because it didn’t want to undermine the revenue of its physical stores. However, Netflix leaned into the new digital model and continuously adapted to its environment. Even though Netflix isn’t a classic example of reverse innovation, some aspects still apply to them.
Netflix for example, designed its streaming technology to work on lower bandwidth networks and across different types of devices which in turn helped them scale in markets with different levels of infrastructure. Those efficiencies later also benefited consumers in developed markets.
The story of Netflix shows how a smaller company with a new technology and business model can reshape an entire industry when its incumbent resists change.
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