Insights
Interoperability & Blockchain
Interoperability is the ability of different systems, devices, applications or products to connect and communicate in a coordinated way, without effort from the end user. Over the last several decades, considerable effort has been placed by software developers, those responsible for managing supply chains and manufacturing, and throughout the business community more broadly to enhance interoperability and reduce the often difficult process of communicating between systems. Blockchain technology has recently been put forward as a tool that can help accelerate these efforts while also enhancing the overall security and transparency of the system. Some initial projects have been developed towards this end, but broad adoption has yet to occur. This is due in large part both to being very early on in the development of the technology and to some broader challenges and concerns that will be discussed in what follows.
Summary of Market and Adoption of Tokenization & Blockchain
The tech sector is growing twice as fast as the global economy and will constitute about 8% of global GDP within 15 years, currently up from 4.5% today and 2% in 1992 (New Directions for Government in the Second Era of the Digital Age). Many organizations who have traditionally operated outside of the tech sector have an opportunity to participate in some of this growth.
Tokenization in the Art World
New technology has affected how art is produced and reproduced since the earliest days of civilization. It has affected how it moves, is accounted for, how it is exchanged, stored, collected, and who collects it. In some cases, this technology affects the structures that support art while in others it affects the content and craft of the artwork itself. In either case, the relationship between art and technology is a dynamic exchange. When that technology has a profound impact on broader society, reflecting this technology in the artwork allows the artwork to form a greater bond and relevance within this societal context.
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