Is Your Company Ready to Adopt Blockchain for Businesses?
How many times in the past have you heard that blockchain is going to solve business problems? Blockchain, after the hype of Bitcoin, has now become the go-to business strategy. Fueling the hype is seen in several industries such as the banking industry, finance, legal, real estate, healthcare and so on.
The reason that makes blockchain so appealing by most industries is that they provide transparent and secured transactions, they also allow a large number of parties to have an access to single information. Blockchain can be relied upon and be a game changer. No individual can control the access of the data once stored since it is immutable and cannot be altered. Blockchain technology has the potential to disrupt businesses – from making smart contracts, securing transactions and rolling out systematic ways to store data.
When considering blockchain, it is crucial for industries to understand that they’re investing in the blockchain and that they’re investing in a solution to their business problems.
Before adopting blockchain, here’s what you need to first question yourself. How will my company and industry use blockchain?
Despite being one of the trending technology that has driven bitcoin, blockchain in the commercial market is still in its initial stage. Nevertheless, there are certain areas you need to consider before adopting to blockchain technology.
How can blockchain address your business problem?
Often this topic is skipped in all the excitement around blockchain. There are certain ways how blockchain can identify the problem and come up with a solution. The best way to tackle this problem is by using systems thinking. System thinking is an approach to analyze the process of how the system’s constituents are interrelated and how it will work over time and within a larger context of larger systems.
Should blockchain technology be standardized?
Standards will need to be developed since blockchain works as an application programming interface (API). Groups such as Hyperledger and the Ethereum framework are already making their way into developing standards.
Does the technology need to be more robust?
Yes, although conceptually blockchain is simple, the underlying technology undergoes certain technological challenges.
How secured is technology?
The blockchain technology is considered as a trusted source for securing transactions. Blockchain uses a public key encryption that has a digital signature, only individuates with the secure public key will be able to access the information. However, any data once stored cannot be altered or changed.
The blockchain industry impact – Blockchain has disrupted and integrated into many industries and is expected to make way into development as well. This technology offers many solutions to challenges that the industry is facing today. Blockchain can renew trust and unlock new value across businesses today. The industries disrupted by blockchain technology – non-profits, healthcare, banking, finance, government, enterprise, energy, automotive, and academics sector, etc.
Blockchain technology is one of the highest in-demand job roles today but there is a dearth of talent in this field. The shortage of blockchain professionals will soon spread across industries. Perhaps the fastest route to getting that hyped career is by taking up blockchain certifications. By becoming a certified blockchain professional one will be able to show potential employers that you have the skills and expertise in blockchain technology.
The good news is that you will come across many online platforms that offer blockchain courses for professionals and even freshers to make a start in the industry. Develop those skills to future proof your career by reskilling, this can be made simple by taking up some credible blockchain courses.
Blockchain appears to be everyone’s future, are you future ready?