Blockchain is taking over not just businesses, but entire industries. If you are a CEO reading this, you are probably aware of the potential blockchain holds for your business. We’ve discussed some of these earlier as well.
But let me take a moment to walk you through four things you should know about blockchain as a CEO for your business.
Understand permissioned and permissionless blockchain networks
You need to understand what a permissioned blockchain network is, and what it is not. Permissioned blockchains helps you run blockchains internally within your company or a group of organizations. Whereas permissionless blockchains are usually built for public solutions. Where anyone is allowed into the blockchain, not necessarily carrying their original identity.
Blockchain might not be mature for your use case
We expect the whole blockchain market to be super mature and mainstream by the year 2021. You will see wide blockchain application adoption by them, and that will give you a clear picture of how blockchain could do for your business exactly. This applies for CEOs who wait it out in the market, rather than to take the risk and be the first to innovate.
Deciding where you need to implement blockchain
This will be crucial. Though we could help you understand where blockchain will help you in your business workflow, it is important for you to decide the final implementation area.
Sometimes, your blockchain implementation will best work internally within your organization, rather than opening it up for your customer. Especially when you have a large internal workflow to get something done.
Pricing your blockchain tech is not clear yet
At the time of writing, not many know how to price the blockchain technology for their public facing product. Whether it can be priced at all or not is yet another question. And what happens when someone moves out of the chain and many such edge-cases are still not something that many businesses are sure of.
Though banking and finance segments are utilizing blockchain to a large extent, it is crucial to know that the technology is still in its development process. We expect the adoption of blockchain to exponentially increase by the end of 2018, and go up from there for the next 5 years.
If you are still contemplating the use of blockchain for your industry, we could save some time for you. Talk to us.