Since 2008, blockchain has taken the world by storm, and businesses are eager to find out just how they can use it to their advantage.
However, with so much commotion around the topic, it can be a challenge to develop a clear understanding of the technology and how it can fit into the enterprise landscape.
Why Blockchain is Not Just for Cryptocurrency
Since its introduction, blockchain has been closely entwined, quite logically, with various types of cryptocurrencies, from Ethereum to Litecoin. Even traditional financial structures have adopted the tech to further their businesses in the twenty first-century finance.
While blockchain finds itself as a suitable bedmate for the financial world, its features presented broader markets with opportunities that extend much further past the financial confines that were initially anticipated.
Worldwide, there is a three-fold increase in roles involving blockchain. Across numerous industries, it’s poised to bring the following benefits:
This is just the tip of the iceberg. Blockchain is infiltrating almost every industry from insurance to non-profit, energy to retail and even gaming—a far step from its cryptocurrency origins.
Advantages of Using Blockchain for Your Enterprise
While it’s clear that blockchain has some pretty hefty potential, let’s take a look at the benefits for enterprises seeking to engage it:
Challenges in Adopting Blockchain Technology
No system is flawless, and although blockchain does have some distinct advantages over traditional solutions, businesses seeking to engage the tech need to be aware of and account for the following factors:
The Signs Your Enterprise Is Primed for Blockchain
It’s time to move on and examine if your enterprise is ready to start its blockchain journey, or if it needs to spend a little more time at the drawing board.
1) You have a workable plan for how you intend to engage blockchain
Blockchain isn’t a one-size-fits-all solution, and it can’t ‘cure’ all the issues that your business is experiencing. However, when implemented smartly, as part of an overall strategy, it can prove effective in boosting your enterprise’s capabilities exponentially.
2) You have realistic goals and expectations
Following on from point one: when introducing blockchain, it’s vital you target the solution to address realistic goals and set appropriate expectations. Not only will this allow your team to develop your blockchain more effectively, but the results will be more efficient too.
3) You have staff on hand
Before diving in at the deep-end with blockchain, ensuring you have staff primed to work with and maintain the system in the long term is vital. This expertise should be relevant for the blockchain platform you choose, as each of them—be it Ethereum, Hyperledger, or other—employ different consensus mechanisms and technologies.
4) You are ready to invest
In the long run, blockchain can reduce costs by cutting out intermediaries. However, in the short-term, you need to be prepared that your business will need to invest in developing the tech and maintaining it, especially as it scales.
5) You have calculated the risks and rewards
While you might wish to stay ahead of the crowd, before implementing blockchain or even thinking about it, take your time to examine the benefits and risks of the tech in direct relation to your business. This will give you a fuller idea if the technology is suitable.
Introducing new technology into your enterprise is never a light decision, nor should it be. While blockchain does present some fantastic opportunities, it’s important to remember how it fits into your wider organizational plan and goals, to be able to integrate it smartly and efficiently.
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