Block chain has changed the face of many industry verticals
including supply chain. However, its adoption among companies has been
delayed farther. For a simple reason — companies still run on legacy
technologies and change is uncomfortable. A little apprehension in adoption of
blockchain is inevitable. Compared to the business interest — multiplied
productivity and better output. It is imperative to overcome this apprehension
and put the best of blockchain to use. Given
its benefits, several blockchain technology companies have
also come up which now promote the technology by collaborating with other
companies and help them get the best out of it.
Blockchain is the underlying technology in Bitcoin, Ethereum and other cryptocurrencies. According to a report by CNBC, in 2018, there were about 84 percent companies that were dabbling with blockchain. It is a promising technology with a gamut of advantages to offer. However, trust, regulatory uncertainty, and compliance are the roadblocks in widespread adoption of blockchain.
How to overcome the apprehension behind blockchain adoption?
According to a pwc report, there are about 45 percent executives which feel trust is the major roadblock in the adoption of blockchain. Below are a few ways that can help in building trust in the blockchain technology.
- Make the business case: Blockchain uses a sophisticated set of technologies to build its simple yet powerful and highly scalable architecture which can be implemented at all levels and use. Business leaders can easily put this to use. Building a comprehensive use case of blockchain and how it can further be helpful and advantageous to the organization can help build trust.
- Build an industry ecosystem: An ecosystem fosters growth and eradicates inhibitions among new adopters. There already exists a large blockchain ecosystem which promotes blockchain among students and business leaders.
- Navigate Regulatory Uncertainty: There are regulatory bodies which set the rules for blockchain and its use. Before embarking on blockchain development, it is better to understand the rules and regulations set by the bodies to make the best use of blockchain, so that any fear of going overboard is lost and its use is much clear.
- Confront Risks Early: Blockchain is a sophisticated technology and it requires an extensive investment of resources– talent, technology, and more. As a business leader, this investment is risky. Understanding that this investment might not culminate into desired results can take the fear away from adopting blockchain.
- Consider privacy implications: Blockchain technology upholds privacy. Blockchain priorities discrete transaction, identity and more above everything else. If privacy is concern, blockchain technology is the best to go for. Considering the level of privacy required for work will help build more trust in blockchain.
- Determine the rules of engagement: Understanding how will the interaction happen between customers and business can also build trust in blockchain. From simple one-to-one interaction to millions-to-one interaction, the scalability offered by blockchain can be used to build applications which can be used by million users. Simply looking at how users would interact with blockchain led technology can help build trust for it.
Additionally,
looking at lower cost and greater speed of blockchain compared to other
technologies can also help in building trust in blockchain.
As mentioned earlier, blockchain technology companies are playing a vital role in spreading the word about the benefits of blockchain and how it can make a good impact on productivity and revenue of companies.