How To Prepare Your Company To Explore Blockchain?

• Toshendra Kumar Sharma
• April 09, 2019

I’m sure by now you would have heard a lot about Blockchain technology. There is hardly a day when the world doesn’t talk about this technology and how it is creating a buzz in the market. It has created a new pathway for development and has given companies a new approach to make their business operations more efficient. While we are talking about this, it becomes important to mention that there are still many organizations that are skeptical about the future of this technology. While we are talking about new technological interventions and Blockchain integration, it is important to mention here that names like IBM, Facebook, Wallmart, etc. have created a separate business vertical which focusses on development of Blockchain and how it will be helpful for their business. And if you have still not given a thought to it, then probably, its time that you should start considering it. Read ahead to know can you prepare your company for Blockchain.

 

Why Blockchain?

Before you move ahead to understand why there is a need for companies to implement and invest in Blockchain technology, it becomes important to understand why there is a need for new technology?

 

For any company to gain a competitive edge, it becomes important that it should start investing in technologies which are good for them and will help them gain an edge over their competitors. Making business operations effective is also one of the agendas of implementing new technological growth with the company’s business operations.

 

Blockchain technology started making headlines in the year 2009 when  Bitcoin came into the picture. Blockchain was the underlying technology of Bitcoin, and it provided a decentralized platform that helped in digital currency exchange. Apart from this, Blockchain is loaded with a plethora of features like:

1. Immutability
2. Traceability
3. Data Security
4. Peer-to-peer interaction

 

Companies much require all these features for them to become advanced and fulfill their client’s expectations.

 

Today, data forms the base of growth for any organization, and it is for this reason that many companies are looking for an alternative that can be free from tampering and alterations. Blockchain provides a platform which is difficult to impeach and amend. Well, I cannot say completely, but yes, private Blockchain does has the provision to keep the system free from any attack.

 

So, How Will You Bring Blockchain Into Your System?

 

• Knowledge- Well, this is the first and the most important point that you must take into account. Acquainting yourself with Blockchain knowledge, its uses and implications is the first thing that you need to do if you plan to integrate it into your system. Even if you are not a techy geek, learning the basics about this technology will help you keep yourself and your organization abreast with the latest changes in the market, and you can better understand how well you can implement this technology in your business.

 

• Hiring the right staff- The second most important way to incorporate Blockajon in your company would come with the dedicated staff. Facebook and IBM have created a separate division which only focusses on developing Blockchain technology and its implementation.

 

• Which are the areas of implementation- Merely knowing about Blockchain will not do the needful. You need to check, which are the areas of application. For example, if your company deals in courier service, then Blockchain integration in tracking the courier would be a good move. Another point that you must take into consideration is that you do a thorough study before trying to implement this technology. Learn how your competitors are doing it and what they have missed. This will help in better implementation.

 

• Identifying customer’s demand- This is yet another important step that you need to take. You must know what your customer’s looking for, what would be the areas of improvement are. For example, whether the customer is demanding reduced transaction cost, quicker functions, easy tracking of information, etc. For example, if you are into banking and financial services, then reducing transaction time and cost is something that you should be looking at, this will help you find the area of implementation and transform too. Thus, enabling you to serve your customer better.

 

 

Conclusion

In the end, I can say, that Blockchain is a leading technology. It is paving the way for new development, but at the same time, certain apprehensions are surrounding this technology. Before implementing this technology, it becomes important that you should learn how and where you should implement  Blockchain to make your business more profitable.