Leveraging the blockchain technology helps marketers transform their business and digitize their transaction workflows smoothly and efficiently.
Blockchain is a relatively new and rapidly emerging technology, which maintains a set of growing records termed as blocks using cryptography. Implementing blockchain in business will undoubtedly help marketers change the world entirely. But it is also essential that marketers understand the concept of blockchain technology thoroughly and have explicit knowledge about how it could be leveraged in their business. According to Payments Pulse Survey of 500 CFOs, only 6 out of 500 respondents had a concrete idea of how blockchain will transform their busienss into a more competitive one. This highlights the need for understanding the hurdles in the implementation of blockchain in any business and the steps to prepare a business for blockchain successfully.
Blockchain is an emerging and new technology and we cannot expect things to change radically overnight. Blockchain can contribute to the programmable economy through its unusual features such as enhanced security and reduced cost due to the elimination of third-party verification and improved digital transactions. Despite numerous benefits, there are several challenges marketers face with the blockchain technology in their business. One of the potential difficulties is the gap between the current and the future worlds. Marketers are expecting positive outcomes in their trade with blockchain, but the truth is that blockchain is a foundational technology that needs some time to fulfill a marketer’s expectations. Another substantial challenge is the cost. Leveraging blockchain in business will lead marketers into spending high revenues on their infrastructure. Hence, these reasons have discouraged marketers from implementing blockchain technology.
Leveraging blockchain in business needs a clear understanding of how blockchain will profit your business and understand how it must be implemented appropriately. The list below shows few steps that every organization must follow to accelerate their organizational growth with blockchain:
Blockchain technology is growing; take your time to experiment with blockchain. Having a thorough understanding of how to leverage blockchain in business will undoubtedly land you up with successful business use cases.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.