The 4 Critical Factors for Implementing Blockchain in an Organization 

There are some things you can do alone. Others are better done together. Blockchain is one of them.  Companies across all industries will face a complex and potentially controversial set of questions. 

1.Understanding and Awareness. 

How can I increase the understanding of Blockchain in my organization? 

The main problems associated with Blockchain are a deep misunderstanding of the technologies associated with it and a widespread lack of understanding of how it works, especially in industries other than banking. 

2.Collaboration and Federation. 

What problems and opportunities does my organization share with others in its industry?

Blockchain’s strength lies in creating maximum value for companies operating in the same industry sector and in areas with the same issues and opportunities. However, what is still problematic about current application methods is that they are compartmentalized approaches. Companies focus on their private blockchains, effectively negating the primary value of the blockchain – the network effect – and thus producing a less efficient result than a traditional approach.

3.Corporate Culture. 

Who will be most affected by the implementation of a blockchain project?

Although many industries have already undergone significant transformations with Digital Transformation, the implementation of Blockchain represents another complete departure from traditional approaches. It bases its reliability and authority on a decentralized network, rather than a central institution, and this loss of control can be deeply destabilizing for businesses. A Blockchain is about 80% business process change and 20% technology implementation. This means that a more open approach is needed to understand the opportunities and changes going forward. 

4. Costs and Benefits. 

What are the costs and benefits of a Blockchain project? 

Startups don’t ask themselves this question and have already started to use Blockchain technology by creating new businesses and solutions to replace existing ones. On the other hand, it is traditional businesses that are asking this question because the benefits are not necessarily obvious. For large companies, Blockchain initially presented itself as something unforeseen and poorly understood. No company right now, however, feels like completely ignoring Blockchain because, given its gradual expansion, there is a fear that one day another competing company, which relies on a Blockchain system, will be a competitor.