Blockchain potential and disruptors for South Africa towards 2030

Blockchain (also called distributed ledger technology), the technology that underpins cryptocurrencies, is resulting in a new era of openness, decentralisation and global inclusion (World Economic Forum, 2017). Blockchain technology is set to complement another emerging field or group of technologies which are collectively defined as the Fourth Industrial Revolution. This revolution is characterised by a “range of new technologies that are blending the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be human” (World Economic Forum, 2017). Certain features of Blockchain technology namely; decentralisation, implied anonymity, transparency and immutability presents people with a technology that may well transform business models and indeed entire industries in the world and in South Africa. Some of these industries are explored further in this research, delving into ideas of how Blockchains may add value to them. This research effort approaches Blockchain technology from a future studies perspective, and assesses whether South Africa is ready to embrace the technology. The research also explores what South African stakeholders can do to be better prepared for expected disruptors and opportunities that the technology will bring. South Africa is seen as a developing nation in the global context and can well benefit from strategic use of emerging technologies such as Blockchain. This research effort will implement Inayatullah’s (2008) six pillars methodology, incorporating the various tools and methodologies within each pillar, in an effort to describe and present possible future scenarios for Blockchains in South Africa. This insight will be used to provide well thought out strategic recommendations for South Africa to prepare for adoption of Blockchain technologies, which could ultimately provide a competitive advantage for the country in the global marketplace