Regardless of your industry, you can integrate blockchain technology to improve efficiency and provide better services. But you need to be ready for it first.
In the past couple of years, cryptocurrencies have garnered a lot of attention. But what really disrupted (and still is disrupting) the industry is the technology behind what makes cryptocurrencies work – the blockchain.
Whether you're into finance, health or even transportation, blockchain technology can be integrated to offer your company more efficient operations and provide better services. Big companies from different industries, such as Walmart, Microsoft and IBM, have already embraced and integrated blockchain into their company's operations.
If you're reading this article, then you're most likely considering integrating blockchain technology in your company. However, there are certain things you need to do first to position yourself for a successful integration. Here are four steps to prepare your company for blockchain adoption.
1. Learn about blockchain technology.
It's never wise to jump into something you don't have a deep knowledge about. That's why before integrating blockchain technology into your company, you need to learn all you can about it first.
Fortunately, there are tons of resources out there about blockchain, how it works and how it can make your business better. Detailed articles, guides and white papers about blockchain, including stories about how companies in your niche make use of it, should be go-to resources for you. You can also take courses on the subject matter.
Already have a baseline knowledge of blockchain? Make it a point to stay updated on the latest information on this technology and its many applications. Blockchain is dynamic and a lot of innovations are being made daily. Keeping up with news on sites like Coindesk can ensure you don't miss out on any updates.
2. Identify the areas of your business where blockchain fits.
Blockchain technology can be integrated into your company to help improve your business operations, provide better services, or both. Therefore, identifying which of these your company needs right now is key to deriving the most benefit from the blockchain.
A good approach is to look for problems your company wants to solve. They could be problems the company is facing internally or problems your target audience wants solved. However, keep in mind that blockchain can't help solve every business problem. Therefore, you need to know whether integrating blockchain to solve that specific problem will make business sense or not. This way you and your team will be able to clearly identify exactly where to integrate blockchain.
Once you've identified the pain points you want to tackle, you need to have a game plan on how to carry on this project. This is something your team should draw out together. With a proper plan, everyone in your company will understand the step-by-step actions they're expected to take.
3. Hire expert consultants.
At the plan execution stage, you should hire experts in the field to ensure seamless integration. Hiring the right set of people to help you integrate blockchain in your company is very crucial. The concept of blockchain technology is technical and not something every developer knows about. You will need people with a vast amount of knowledge about blockchain technology and its integration. Experts like a blockchain consultant, who will give you advice on the right steps to take, and a blockchain developer are vital players you need to have on your team.
4. Inform your target market.
Proper integration into blockchain technology won't be complete without letting your existing and prospective clients know about the integration. They have to be informed of the latest development in your company and how it will affect them.
You're not only integrating blockchain in your company; you're also initiating your clients into the technology. In other words, acceptability in the market is key.
With that in mind, be prepared to answer questions from your clients like:
- Will this product or service serve me better now that the company integrated blockchain technology?
- Will this affect the price?
- What changes do I expect now that the company has integrated blockchain?
- Will there be a learning curve at my end?
- What are the benefits I’ll get now that the company integrated blockchain?
Quite a number of people have the thought of integrating blockchain into their company but lack the basic steps to actualizing it. By following these tips, you're setting yourself and your company up for successful blockchain adoption.