Blockchain For Your Business: Are You Blockchain-Ready?
‘Blockchain’ i.e. the fundamental technology born out of Satoshi Nakamoto’s Bitcoin vision, has been turning heads across the globe — particularly among business owners. There’s little surprise why, with its attractive promises of heightened security, trustless transparency, and the ability to cut out intermediaries, to name a few.
Even centralised tech giants like IBM, Microsoft, Google, AMEX, and Facebook have all begun looking at blockchain as a means to better facilitate their services.
“A closer look at this year’s Forbes Global 2000 list of the largest public companies in the world reveals that not only are all ten of the largest public companies in the world exploring blockchain, but at least 50 of the biggest names on the list have all made their own mark on technology first inspired by bitcoin” – Forbes, 2018
With the bigger players exploring the potential of distributed ledger technology, does this mean that you as a business owner should be looking into its possibilities as well? Maybe, maybe not.
While the hype and excitement is there, many business owners and newcomers to blockchain struggle when it comes to applying this revolutionary tech to the real-world. So without further ado, let’s explore 4 things to consider before you decide to explore blockchain for your business.
1) Re-Identify Your Business Goals.
Before you even begin to consider to explore blockchain for your business, reacquaint yourself with your business objectives and goals. Next, have a think about how blockchain technology could work in harmony to help you and your business achieve those goals.
What aspect of distributed ledger technology do you see as potentially useful to achieving your business’s goals? Is it:
- Being able to tokenise your business to create a digital economy model that works in tandem with your objectives?
- Cutting out middle-men somewhere throughout your business chain to reduce expenditure?
- Adding a layer of immutability and transparency to your business to better manage record keeping?
- Utilising cryptography to heighten your security, prevent fraud and reduce risk of double spending?
These are just 4 examples of how you could leverage blockchain to support your goals, but the scope extends much further. How you decide to implement blockchain into your business should always tie back to your individual business’s needs and goals.
2) Think Big, Start Small.
If you’re a small business owner and want to pursue blockchain for your business, start small. While blockchain may be ‘all the rage’, the last thing you want to do is blow out your budget and waste valuable time and money.
With blockchain still in its infancy, the harsh reality is that blockchain developers aren’t cheap. The demand for blockchain developers and tech experts far outnumber the supply of them (read more about that here), and it may be this way for a while. If you’re not prepared to pay top-dollar for blockchain developers to help you realise your business objectives, then you may wish to seek other routes – which brings me to my next point:
3) Upskill Yourself
If you’re the ‘DIY’ type of business owner, the number of blockchain developer courses are steadily on the rise, and you could consider learning how to code on a variety of platforms.
If you truly wish to leverage the power of blockchain, advancing your understanding of the technology will be key in implementing blockchain for your business. While there are some fantastic blogs I could recommend, there is no better place to start than Satoshi Nakamoto’s Bitcoin Whitepaper.
Understanding the fundamentals of Bitcoin is crucial to gaining insight into how you can further apply the technology to real-life economic scenarios, including your own business.
Blockchain Asia Campus allows regional blockchain enthusiasts, developers and entrepreneurs to further their knowledge in this exciting and fast-moving field, fostering the industry’s growth from the grassroots up. If you’re looking to become ‘blockchain-ready’ and implement blockchain for your business, why not check out our range of industry-accredited courses?
4) Do You Really Need Blockchain For Your Business?
Remember, while blockchain (when used right) can be a complete game-changer for infrastructural systems and processes, not every business requires to be ‘tokenised’, and there might not be a need for blockchain technology to help.
If you’re enticed by the idea of having a blockchain ‘app’, moving your entire database on-chain, or creating a cryptocurrency token model, don’t just think of the ‘how’, but also the ‘why’.
Ask yourself if it is really necessary? In fact, could the age-old centralised methods actually work better in your favour over distributed ledger technology? These are incredibly important questions before attempting to go forward with blockchain for your business.
One last thing — Don’t be that business that aims to slap the name ‘blockchain’ on your latest project in an attempt to attract investors and make a quick buck. It’s not a good look (people will see right through it), nor does it do anything to advance progress in the space.
World-Class Blockchain Education In Southeast Asia
Southeast Asia’s thirst for blockchain continues to grow, but educational opportunities in the sector are not keeping pace. Through courses offered in tandem with leading global institutions, some for the first time in Asia, Blockchain Asia Campus allows regional blockchain enthusiasts, developers and entrepreneurs to further their knowledge in this exciting and fast-moving field, fostering the industry’s growth from the grassroots up.
With a raft of respected blockchain thought-leaders from Malaysia and around the world set to feature, Blocfest’s focus will be on blockchain’s immense potential in the Southeast Asian region, where the technology has already made great headway.
Blocfest is set to launch 26-27 September, and guests are invited to also join us for KL Blockchain Week.
Find out more about our speakers by clicking here.
Sean’s unequivocal passion for all things blockchain blossomed in late 2016. Starting off his journey as a daytrader, he found himself quickly immersed in the projects and their visions of a decentralised future economy. He is Content Director at Blockchain Asia Connect, and publisher of blockchain blog Channel 3.0. When he’s not busy writing about and exploring the world of blockchain, he’s running his music blog passion project: Producer Hive.