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Does Your Business Have A Blockchain Adoption Strategy?

Written by admin

October 3, 2020

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.

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