How blockchain is emerging as a core building block

Bitcoin is an example of blockchain. Photo by Dan Kitwood/Getty Images

Blockchain technology seems to warrant our attention. Once seemingly confined to cryptocurrency, today blockchain is relevant to entities across many industries. It is even enabling some longstanding competitors to collaborate for mutual benefit. With applications that seem endless and enriching, blockchain may require consideration by companies and potential regulatory oversight by governments.

So, what is blockchain? In its simplest form, it's a way of storing and sharing digital information without an intermediary. Once the data is recorded, it can't be changed, and users can access it anonymously. The most well-known use of blockchain is probably bitcoin, a digital currency. However, there are many other uses for blockchain, such as tracking loyalty points and allowing people to pay for purchases using virtual wallets.

For Deloitte's 2019 Global Blockchain Survey, Deloitte's independent research team interviewed 1,386 senior executives from companies that use or may consider using blockchain, and employees from 31 companies that facilitate blockchain use. Fifty-six percent of survey respondents believe that blockchain is no longer a theoretical concept, but a technology that companies should consider using to keep pace with their competitors.

Houston innovating with blockchain
As an InnovationMap article notes, multiple Houston companies are embracing blockchain. Iownit.us has developed a platform for digital private securities, providing an easier ongoing connection between companies and their investors. Data Gumbo is using blockchain to create smart contracts between businesses in the energy industry. Social Chain allows individuals (rather than social networks) to earn money when their personal data is sold to marketers. Another Houston company, Topl, has six platforms to provide supply chain information — e.g., in agriculture, tracking food products from farm to shelves. Houston innovators have formed the Houston Blockchain Alliance, a blockchain networking group that meets regularly to discuss opportunities.

Beyond cryptocurrency
Now that the focus is no longer on if blockchain will work, but how, business leaders are faced with the challenge of incorporating it into their business models. Deloitte's 2019 Global Blockchain Survey states, "executives should no longer ask a single question about blockchain but, rather, a broad set of questions reflecting the role blockchain can play within their organizations." These questions address topics ranging from how blockchain is expected to change industries to what the organizations' "blockchain blind spots" are.

Collaborating with competitors
Blockchain is usually not organized and run by a single entity. For optimal effectiveness when using blockchain, some companies may opt to join a consortium, which as the InnovationMap article states, allows companies to come "together with others in [their] horizontal or vertical ecosystem, in common purpose." Consortia members must agree on their goals, governance, funding, intellectual property ownership, and more. Despite these challenges, 92 percent of survey respondents are either already consortium members or plan to join one within the next year.

Conclusion
The future of blockchain appears bright. This technology is no longer a vision, but a reality — one that companies and countries should consider implementing as technology becomes more and more relevant across industries and around the world.

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About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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Building Houston

 
 

These Houston-area entrepreneurs have something to celebrate this week. Photos courtesy of EY

Four entrepreneurs whose companies are in or near the Houston metro area have been named winners in Ernst & Young’s Entrepreneur Of The Year regional competition and now will head to the national competition.

Local winners of the Entrepreneur Of The Year 2022 Central South Award are:

  • Elliott Bouillion, founder and executive chairman of Bellaire-based Resource Environmental Solutions. The company helps clients with environmental mitigation, stormwater management and water quality, and climate adaptation and flood resilience.
  • Blake Brannon, founder and president of Brenham-based Brannon Industrial Group. The company buys and recycles scrap metal, provides waste and recycling services, rents out portable toilets, and offers sustainable printing services.
  • Dr. Juliet Breeze, founder and CEO of Houston-based Next Level Medical, which operates membership-model urgent care clinics.
  • Jamie Welch, president, CEO, and chief financial officer of Houston-based Kinetic Holdings, a midstream oil and natural gas operator in the Delaware Basin of West Texas and northern New Mexico.

Among the criteria used to select the regional winners were purpose, growth, impact, and entrepreneurial spirit.

“Each of these entrepreneurs has exhibited curiosity, ingenuity, and courage, and we are proud to celebrate this outstanding group of leaders and welcome them as valuable members of our Entrepreneur Of The Year community,” says Anna Tallent, co-director of the awards’ Central South program.

As regional award winners, these entrepreneurs will be considered for the Entrepreneur Of The Year 2022 national awards, which will be presented in November. The overall Entrepreneur Of The Year winner at the national level then will move on to the EY World Entrepreneur Of The Year program, which will name its top winner in June 2023.

In a news release, Breeze says she’s honored to be given such a prestigious award.

“This award is further validation that at Next Level, we are really on to something. Healthcare needs to be available to patients when and where they need it,” Breeze says.

Aside from the Houston-area winners, here are the other recipients of this year’s Entrepreneur Of The Year Central South Award:

  • CEO Amanda Baldwin and founder and Chairwoman Holly Thaggard of San Antonio-based Supergoop! The company makes and sells sunscreen-based skincare products.
  • Cory Brymer, founder and CEO of Hutto-based BryComm, a provider of technology and security infrastructure services.
  • William Chan, co-founder and CEO of Austin-based Iodine Software, a provider of AI-powered software for the healthcare industry.
  • Todd Dipaola, founder and CEO of Austin-based InMarket, which operates a platform for localized advertising.
  • Dr. David Ferguson, co-founder, president, and CEO of San Antonio-based Celebrate Dental & Braces, which has offices in five states.
  • Mark Floreani, co-founder and CEO of Austin-based FloSports, a streaming service for sporting events.
  • James Garvey, founder and CEO of Austin-based Self Financial, which offers credit-building loans.
  • Tim Heyl, founder and CEO of Austin-based Homeward, whose loans help buyers make all-cash offers for homes.
  • Joel Kocher, co-founder and CEO of Austin- based HumanN, a provider of superfood products.
  • JeVon McCormick, president and CEO of Austin-based book publisher Scribe Media.
  • Thomas Thill, CEO of San Antonio-based AmeriVet Veterinary Partners, an owner and operator of veterinary practices.

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