With the completion of Run~I of the CERN Large Hadron Collider, particle physics has entered a new era. The production of unprecedented numbers of heavy-flavoured hadrons in high energy proton-proton collisions allows detailed studies of flavour-changing processes. The increasingly precise measurements allow to probe the Standard Model with a new level of accuracy. Rare $b$ hadron decays provide some of the most promising approaches for such tests, since there are several observables which can be cleanly interpreted from a theoretical viewpoint. In this article, the status and prospects in this field are reviewed, with a focus on precision measurements and null tests.
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