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December
3, 2018
4 minutes of reading
Opinions expressed by Business owner the contributors are theirs
The level of interest of companies in blockchain technology is at its most historic – partly driven by FOMO (fear of losing). The competition marketing teams are committed to insert blockchain in the press releases, with which the meetings are being concluded "are we doing something on blockchain? "and no conference is complete without a blockchain on the agenda.
Customers ask for blockchain solutions and suppliers are involved in a catch-22 situation. Blockchain requires new levels of understanding, from engineers to managers, which radically reinvents the established ways of working and pushing itself with "unproven" technology.
How do companies overcome the fear of the unknown and safely embark on their blockchain journey?
Knowledge of technology
Understanding blockchain technology is perhaps the most crucial step in the journey. Imagine the endless discussions within companies when deciding to move to the cloud and open the corporate network for BYOD (bring your device)? Composed at least 10 times per blockchain, as blockchain will require changes to the basic fabric on which the companies were built in the last decades and centuries.
Businesses must be prepared for long difficult debates and decisions. Being a nascent technology, which advances rapidly every day, does not even help the cause. However, a deep understanding of the key concepts of blockchain and distributed register technology, at all levels of organizations, will make useful debates and travel profitable.
Choice of the problem to be solved
The choice of the problem solved by blockchain is the next step in the journey. Stories of companies that add blockchain to their names to increase share prices. Vendor websites now have a web page dedicated to blockchain solutions, usually a generic blockchain writing.
But what problems are solved? This question largely draws. Using the blockchain to order the next pizza could be hi-tech, but of little use.
Basically, blockchain helps to address three primary aspects:
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Decentralization (no single point of failure)
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Transparency and traceability (a vision of truth)
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Immutability (irreversible history of events)
Businesses are better off blockchain technology if their blockchain-enabled solutions do not address these primary aspects.
Run the pilots to strengthen trust
"You can not expect to harvest the wheat you have not sown" goes the said Execution of pilots to increase the confidence in technology and evaluate the adaptation to the ecosystem, is the third essential step to start with blockchain technology. Given the high level of interest and enthusiasm, finding executive support for blockchain pilots should not be a mountain climb.
Most of the available blockchain technologies are open source: source codes are available free for download and support through online documents and open source communities. This makes it easier for suppliers 'and buyers' ecosystems to pilot pilots quickly – independently or collaboratively – instead of having to build everything from scratch.
You have to look inside to get inspiration for the pilots. Just consider your business to realize how the systems and the process are fragmented and manipulated day by day. Adverse to risk? Start with the most benign of these problems.
Waiting for the planets to line up?
Every day governments, businesses and individuals are adopting and advancing technology. No one can clearly respond to what blockchain technology will look like in a few years: it could be matured, transformed or mummified. But, as the saying goes, "You miss 100% of the shots you do not".
