To maximize adoption, it is critical that blockchain companies place equal focus on both technology and people. Planning, identifying and addressing implementation challenges early is important in order to gain the buy-in and commitment for blockchain-based technological solutions. By driving engagement, enhancing efficiencies and improving user adoption, businesses can maximize ROI.
Mass adoption of blockchain tech and even cryptocurrencies is a long-term goal and genuine players in the space have since taken this view. To enable mass adoption, many milestones need to be reached for instance, companies need to build user-friendly wallet technologies, governments and regulators need to bring clarity around the legal statuses of particular activities within the space, and furthermore, overall security needs to improve, marketplaces of buyers and sellers need to be reliable and in the long-term, atomic swaps and blockchain interoperability need to be implemented.
It is better for the blockchain community to show a unified commitment towards introducing the necessary changes needed in the space to allow further advancement rather than wait to be responsive to compliance obligations once regulatory frameworks are laid out. The former approach is likely to lead to the adoption at a much quicker pace.
User adoption is not simply achieved by educating users on how to use new technologies but rather by gaining buy-in and commitment. Implementing new technology can be disruptive which often invites resistance. In order to avoid delays in adoption, companies ought to be clear on how their technology will improve their business and users need to be aware of the advantages of adopting the technology to help them achieve their goals and objectives. Communicating with stakeholders is also key and informing them of intentions to deploy new technology and the subsequent benefits is crucial. For this reason, integrating a change management process for helping stakeholders adapt and adopt to technology is also necessary.
At Proudly Associated and Block Patrol, we help companies take structured approaches in their blockchain strategies by identifying value pragmatically and focusing on addressing true pain points with specific use cases within select industries. We also assist with value capture by tailoring strategic blockchain implementation approaches to our clients’ market positions, with consideration of measures such as ability to shape the ecosystem, establish standards, and address regulatory barriers.