Enterprise blockchain adoption is still in the phase of removing the hype from the past, refining significant projects, and gradually applying blockchain to business.
Cut costs, improve productivity, boost up customer accessibility and sales, etc. – C-suits now have tons of to-do-things that must anticipate dramatic market changes and the emergence of new technologies. In the race after technology in enterprises, blockchain is an emerging technology that promises to solve many problems in the modern economy. The business value of the technology is estimated to reach $ 3.1 trillion by 2030 during the advanced application phase, and blockchain adoption is still in the stage of removing the hype from the past, refining practical projects, and gradually applying blockchain to business.
Enterprise blockchain adoption can be challenging to many companies. Below are the standard and essential concerns for CIOs as well as enterprise blockchain platforms in preparation for the coming boom of blockchain applications.
How does blockchain help my business?
Not to mention technical terminology, blockchain’s primary purpose is to create a database for transparency and security. According to the characteristics and needs of each business, there will be multi customized blockchain applications.
For example, in marketing, blockchain helps to improve loyalty programs by recording all customer behaviours in using redeem points with transparency. Expanding the ability to use customer redeem points, blockchain is helping companies better understand their customers to enhance customer retention.
In finance, on the other hand, blockchain shows its benefits in speeding up transaction processing with its verified data system. The practical blockchain finance solutions include credit scoring, e-KYC.
In fact, in terms of the rapid increase in operational efficiency, blockchain is not a competitive solution. However, focusing on the customers’ benefits to create sustainable value is currently a priority, and a blockchain is worth bringing to the table.
The reason why blockchain is considered a breakthrough technology is that the goal of blockchain is to change the business model of many existing businesses. Instead of focusing on direct efficiency, enterprise blockchain applications simultaneously generate benefits for many parties within the network, including the company itself, partners, customers, and even their competitors.
Is there any trade-off when applying this technology?
Blockchain stores data in a distributed manner, which means there will be no centralized control organization, to enhance the transparency of data and operations. Therefore, enterprises have to prepare strategies, plans for system structure, and how to operate when powers are no longer entirely in their hands.
Furthermore, blockchain application is currently in the stage of refinement, overcoming the hype. Enterprise blockchain applications are likely to see significant changes in the coming periods. So cost and development time can be challenging for businesses.
Is blockchain indispensable for the growth of my business?
With such trade-offs, businesses need to clarify the need for blockchain to their business, including the level of adoption required in stages.
We can say that blockchain is essential for businesses, but it depends on each company. Blockchain can have a direct impact on businesses when businesses use blockchain to solve problems in their place.
Besides, like it or not, blockchain also has an indirect impact on business in the modern economy. Because there are many other businesses, especially large corporations, technology giants are implementing different enterprise blockchain projects. More or less, this will indeed affect other companies.
Therefore, learning about blockchain-related knowledge is one of the “to-do lists” of businesses in the 4.0 era.
What should I start? What is the right time to deploy blockchain?
Knowing “what is enterprise blockchain?” and its business values are the very first step to jump in the blockchain pool. There is much information about blockchain online, or you can contact blockchain experts in the industry to seek for answers.
After considering the need of blockchain to the enterprise by calculating the costs and benefits of implementing blockchain, CIOs can decide whether to apply blockchain to their business.
Notice that businesses should deploy blockchain only when they have a full understanding of blockchain, including the benefits and challenges. Besides, during this period, companies should prepare for the “obsolete” of future enterprise blockchain applications. At that time, blockchain applications may have matured, the requirements for upgrading initiatives aimed at eliminating fragmentation, lack of alignment of existing blockchain applications.
Besides, companies should also watch closely to their competitors’ attitude to blockchain and market volatility to take action. Big companies now have a massive advantage to test blockchain models because of their substantial financial resources. However, start-ups show more advantages in implementing blockchain models more thoroughly due to flexibility.
What blockchain platforms are there for business?
From tech giants to start-ups, top enterprise blockchain platforms are transforming the way others do business. However, Hyperledger Fabric is the most suitable platform for the company, according to most of the blockchain experts. Based on this original blockchain platform, many new customized platforms are formed, aiming to create blockchain applications ideal for different goals.
Finding the right blockchain platform is an excellent start to the project’s implementation.
The problem for enterprise blockchain platforms: How to make blockchain applications more accessible?
Accessibility is one of the barriers that prevent blockchain from being firmly applied, despite its potential value. Therefore, enterprise blockchain platforms need to implement blockchain initiatives easy to understand, manipulate, and operate at a reasonable cost for both programmers and end-users. Enhancing accessibility will make a huge contribution in enterprise blockchain adoption.
There are more and more open-source projects aimed at building blockchain projects available on Github. Also, end-users may be utterly unaware that they are using a blockchain application because the purpose of blockchain is still to create convenient applications to serve the needs of businesses and users.
Above are some of the common concerns surrounding enterprise blockchain adoption that akaChain synthesizes. We have been implementing some enterprise blockchain projects such as Loyalty & Rewarded Network projects, Electronic Customer Identification (e-KYC), Digital ID, Traceability (Traceability) for companies in many industries from banking, retail, to agriculture.
If you have any concerns regarding blockchain in particular and digital transformation in the industrial age 4.0 in general, please contact us at https://akachain.io/contact-us.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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