Moving towards frictionless business networks
Century after century, innovations eliminated sources of friction by
reducing the inefficiencies that held back progress. This is how, by
example, that the first letters of credit, in the fourteenth century, established
new foundations to build trust. Much later, the invention of
telephone enabled real-time voice communications over
great distances. The Internet, in turn, has propelled at speed
of light which until then was only a slow approach intended to
dispel friction. Technology specialists and economists have
then began to anticipate a world where friction would have disappeared.
In theory, friction could be "digitally eliminated".
The internet has actually reduced some of them, like costs
transactions, for example. However, even if some forms
imperfect information has been corrected, the problem has not
been completely resolved. Certain latent frictions are substantial.
Obviously, they have become a competitive issue between
start-ups that compete to capitalize on their elimination.
At the same time, other frictions have developed. In this regard, the
contradictions in international regulations hamper globalization. Preventing new threats, including
Cyberattacks are expensive, and disaster recovery is even more expensive.
The ecosystems are suffocated by different intermediaries always
inclined to get their share of the cake. On the positive side, a new technology, the Blockchain, promises to eliminate, or at least reduce
significantly, these residual frictions.