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Considering the astronomical growth in all major cryptocurrencies, and the admirable features lurking around blockchain, it’s no longer news that many companies have already begun its adoption while some are thinking about integrating blockchain technology into their business.
From the outset, blockchain technology has been regarded as a public transaction ledger for Bitcoin only. But today, its incredible benefits have evolved into something beyond the exchange of cryptocurrencies.
Blockchain is a great innovation just like the advent of the internet 20 years ago.
Before adopting this technology, here are five strategies to consider.
1. Minimize risk – Run an inexpensive test
Blockchain technology is a new innovation that needs a foundation to prove its worth. And while proving its worth, you don’t have to risk all your business funds in the process. You don’t have to risk your livelihood and that of your employees on some unproven and complex technology in the course of adoption.
More importantly, don’t even think of worrying your investors or spending the majority of your funds just to see if this new technology works for your business. Instead, be smart. Take it bit by bit. Run inexpensive tests. Until you see your competitors using this same tech to challenge your existing business model, don’t invest too much on this new technology.
Note: Innovation fails all the time. So, if you’re a CEO thinking about combining blockchain with your existing business model, it’s advisable not to risk all of your dollars while experimenting. Instead, go slow and steady on low-cost tests.
2. Go deep and learn more about it
Before transforming your business into a blockchain-based solution, it’s very important to learn about this technology. If you dive in without deep insight, you might miss out on where this technology would benefit your business the most.
On the other hand, if you put in the time to learn more about blockchain, you’ll be able to see how blockchain works and how it will improve your business.
Thankfully, there’s tons of information about blockchain technology out there. Your learning shouldn’t stop here – stay abreast with daily updates on blockchain developments and its applications.
Note: Information is very powerful when it comes to blockchain technology, so make sure you follow trustworthy news outlets in the crypto sector.
3. Single out areas where your business will benefit the most from this tech
After digesting the information on blockchain technology as advised in #2, single out those areas where your business would benefit most through blockchain integration. That is, those areas where your business is lacking. But how can one single out these areas?
You can begin by looking out for problems your company has been wanting to solve – it could be internal or something your target customers want to solve.
For the moment, blockchain cannot solve every business problem. Therefore, it is advisable to spend time investigating your current business to see if blockchain can solve real issues.
4. Hire the right blockchain expert for your business
This aspect is very crucial. Blockchain technology is very technical and complex. To achieve seamless integration and a good end product, you need to hire a team of experts with the right skill set and a vast knowledge base about the technology.
Note: This concept is pretty much technical, and it is not something every developer can handle. Therefore, be meticulous when hiring a blockchain developer and consultant – experts who give advice on the right steps to take.
5. To avoid business doom, inform your target consumers beforehand and study their reaction towards your adoption
Informing your target consumers about the integration is a tactical way of saving your business from potential doom. Failure to inform them about your latest development might lead to poor results.
If you can carry them along with your plans of adoption, their feedback and reaction will serve as a guide, informing you about the area of your business that needs blockchain the most.
Blockchain technology will undoubtedly continue to improve procedures and operations for businesses willing to invest in the future of decentralization. However, as a business owner, if you’re thinking about integrating blockchain, it is advisable to consider the points discussed above in order to protect the value of your company. Act wisely.
Ejiofor Francis is an IT/Blockchain PR strategist and writer with over six years of guest blogging experience. He is the founder of EffectiveMarketingIdeas(EMI), a professional content marketing agency for startups and mid-sized businesses. When he’s not learning something new about his industry you’ll find him working on his client’s project(s). Want to say hi? You can shoot him an email at email@example.com.