Though most often associated with cryptographic currencies such as Bitcoin, blockchain is an emerging technology with broader potential — forward-looking organizations can gain an early competitive advantage, and industries and consumers as a whole can benefit from improved transactional transparency, integrity, and availability.
Blockchain applications can take many forms, including traditional transaction ledgers, distributed applications (DApps), smart contracts, and non-repudiation and identity services. To evaluate the opportunities to apply blockchain in your business, your organization should be asking the following questions:
- Are there financial or operational efficiencies or improvements that might be attained by moving from traditional systems and methods to blockchain-based alternatives?
- What are industry incumbents and startups doing that might shift the priority regarding blockchain?
- Are there significant first-mover advantages that justify an investment?
- Do other applications of blockchain technology present a threat to your business model?
- Would blockchain-based currency acceptance or handling help increase your customer base and share of the market?
While blockchain’s ultimate value and complete range of applications may not yet be fully realized, considering these questions is essential to ensuring that disruptive applications by competitors don’t adversely affect your business and market share.
With our extensive background in technology integration, Rule4 will help you navigate these complex questions, focusing on business value while avoiding technical novelty and premature adoption risk. Contact us today.