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When the Internet came to the world decades ago, it did not immediately change human behavior or impact our daily lives. They are the enabling technologies that came later, such as Wi-Fi, broadband, e-mail, cloud and smartphones that have changed the way we have used the Internet forever, personally and in the workplace.
We are in the nascent years of the blockchain revolution but it is clear that the applications of technology in the business world are unlimited. However, businesses need more than just a platform with the strongest technological capabilities to adopt blockchain. They need real-world use cases and concrete examples of how the blockchain is transforming their industry. In my experience, there are several key approaches to get the corporate blockchain adoption. That's how:
Make the blockchain real
Blockchain is often cited as a transformational technology, but executives are frustrated about how nebulous and intangible it is. The use cases seem difficult to identify. The pace of progress with blockchain technology in the business environment has been much slower than many initially had hoped for. According to a study by Capgemini's Research Institutive, only 3% of organizations implementing blockchain do so on a large scale, 10% have a pilot on site, while 87% are in the early stages of blockchain testing.
However, blockchain has incredible potential for big and small businesses. According to Accenture, blockchain technology is estimated to allow financial institutions to save between $ 8 billion and $ 12 billion in annual infrastructure costs. Although the adoption of blockchain could be slow, businesses risk data privacy, decrease operational efficiency and overall security as they become ubiquitous as cloud computing.
Know what the blockchain is for and it's not good
While there are hundreds of blockchain startups looking to capture the attention of businesses, it is not a universal technology that will solve all business problems. However, blockchain is inherently effective in dealing with databases, transactions and transparency.
For example, Synaptic Healthcare Alliance, a pioneer of Humana, Optum, Quest Diagnostics and Multi-plan, is working to solve the problem of 2.1 billion dollars in the management of provider data. Currently every quarter, data from providers (names and locations of doctors, contact details) must be validated and updated by health plans (payers) individually, but much of the effort – 75% – is twofold, with each plan contacting the same suppliers. The alliance has proposed a blockchain-based data marketplace in which this data can be bought and sold, thus transforming data from a cost into an asset.
Participants may decide to generate revenue from their data collection activities by selling records, while other parties may decide to completely stop the collection of records and instead buy them at a lower cost from more efficient parties.
On the other hand, many organizations have found that blockchain is far from being a panacea for many of their problems.
In many cases, technology has proven to be a solution in search of a problem. The Depository Trust & Clearing Corporation (DTCC) recently halted a repurchase agreement of proof of concept with Digital Asset Holdings (DA), citing that "… the same results could be achieved at lower cost using current technology" .
Understand your technology
Blockchain is often considered a technological project. However, it is wider than this; it's a transformation between an organization and its business ecosystem. While a typical technology project requires approval from one to three executives, blockchain for a typical project requires more than 120 reports from corporate decision makers in different departments, from marketing to finance through multiple organizations.
The benefits of blockchain tend to be fairly clear in a sterile environment where there is little or no legacy technology. In most cases, the adopters do not have this advantage and instead have to operate with a complex and rigid environment. This makes the implementation of blockchain similar to keyhole surgery, the precise implementation of a new set of business practices without interrupting existing operations.
It is essential that your blockchain partner is not just your technology provider, but your business partner. They must be able to run their platform in a way that developers and non-developers can understand the entire business.
Restore faith in blockchain
Considering these key points to properly adopt the blockchain, companies can really move forward without any obstacles that limit their impact and size. While the crypt of the mess has calmed down a bit since fraudulent ICOs began to spread at the start of this year, the underlying blockchain technology is here to stay and change the way we operate forever.
Ben Jessel directs Kadena's growth strategy and offers unprecedented insight into the blockchain solution landscape for private businesses in a variety of industries, particularly in the healthcare, parametric and insurance sectors. financial technology. He has 18 years of experience in managing technological change in large-scale business transformation programs focused on the overall strategic structure of the initiative, road mapping, execution planning, and management. ; execution.
As a former Head of Blockchain and Innovation at Capital Markets Company, Ben has overseen numerous blockchain governance implementation projects and operational models between financial institutions and the airline industry.
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