Blockchain is wonderful, Blockchain is the solution, Blockchain can do everything. Right? Well, not yet and it’s not that simple. Success with Blockchain technology is much more than just about the technology itself…
The Growing Blockchain Apps Market
In recent years, Blockchain efforts have focused primarily on platform development and investment revenues such as ICOs. Trading revenues from business activities have yet to take off. But this is beginning to change.
So now the Blockchain community is accelerating the business applications of the technology to drive productivity and profitability. Of course, this is where the real fun begins. Up to now, sending money at speed compared to the hours or even days it used to take was a big deal to individuals, not to mention a private store of value. However, with the bar continually rising, more sophisticated processes are being considered even by the largest businesses.
The Rules of Organisational Transformation
So as the profile of Blockchain technology grows, more and more businesses have begun to wonder what are it’s limits…
Wise old hands, experienced at leading technology-led projects, know there are a whole load of other factors that drive the return on investment (ROI) from Blockchain technology projects every bit as much as any other technology project.
The rules for successful ROI from technology projects do not change just because it’s Blockchain. They are the same. Only the possibilities with Blockchain, as with other distributive technologies, such as Internet of Things, are just greater. So innovative thinking becomes ever more important. In fact, it is essential for succeeding with Blockchain. But why?
Rethinking Your Processes
This is true for one simple reason. Blockchain makes process redesign essential. Not just desirable or important. But vital. This process redesign can occur at different levels or strengths. From process tinkering, through to process redesign and eventually to radical process reengineering, when the very structure of a process will be transformed.
However, while Business Process Re-engineering (BPR) has been around since the early 1990s, the opportunities that it offers for Blockchain, are dramatic.
Hard Headed Questions
As Blockchain professionals increase their interactions with bigger and bigger projects and budgets, the same old question arises regarding the business case, in particular about the project ROI. Another big question is of course Risk, So while headline promises are easy to make on factors such as security and privacy, deep and real investigative analysis from IT departments with no particular bias in favour of Blockchain, have this habit of making up their own minds. This is where the familiar rubber meets the road and where some Blockchain solutions may be found lacking, as the technological maturity evolves.
Next time: The Blockchain Customer View