3 Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward ^Top Using blockchain, media streaming firms could track content usage with precision. Even little-known artists would receive royalties ac- curately and instantly. Copyrights of all types of art could be traced and intellectual property rights enforced globally. Software service firms would have access to customers’ digital identities, enabling a holistic view of their service needs. Hospitals, too, would have a secure and comprehensive view of patients’ health, medication, and lifestyle, just as banks would of customers’ financial affairs. Each firm, regardless of its size, would be able to capture a holistic picture of customer needs and customize its services at an individual level. Hospitals could deliver precision treatments since smart wearables would monitor patient health and communicate necessary stats to doctors. Pharma- ceutical companies could develop more drugs for orphan diseases because they’d have access to sufficient patient samples from across the world upon which to perform research. Banks would not only make payments across international borders in seconds, but also automatically file taxes and manage customers’ wealth. They’d com- municate with foreign banks and provide visibility into necessary documen- tation and sources of funds, making financial transactions globally accessible. Energy distribution would change with peer-to-peer energy exchanges and smart grids that widen revenue streams. Governments could make financial inclusion a reality and manage welfare programs effectively with tamper-proof digital identities. Increased transparency in government services, welfare pay- ments, and voting could substantially decrease opportunities for corruption. Despite these exciting possibilities, it is not always obvious whether a particular company should adopt blockchain.