How to start blockchain adoption – Natural Self Esteem

We have only seen the tip of the blockchain iceberg. Companies that engage now will have many opportunities to realize their full potential. The first step is to find out where blockchain can bring the greatest benefits today.

Blockchain technology spending a total of $6.6 billion in 2021 as more companies figured out how to get involved. But it’s more than currencies and investments; The benefits of blockchain in business are numerous. The exact blockchain possibilities are unique to each company’s existing systems and processes.

Enterprise blockchain adoption removes friction to accelerate processes, reduce costs, and enable automation so organizations can improve data quality and automate processes like never before. Having a shared, trusted ledger between parties is a game changer that encourages innovation across the board.

The industry is still young and we are just beginning to see the tip of the iceberg in terms of blockchain potential in the economy.

Benefits of blockchain in business

A variety of industries are now engaged in blockchain technology. Many see it transforming their business by future-proofing their technology and providing immutable systems of record. At Chainyard, we’ve spoken to several companies about how blockchain is transforming money and business, and helped guide fascinating transformations.

A global IT company Contacted us to see how we can help reduce invoice processing costs. Typically, multiple stakeholders are involved in decisions about enterprise technologies. Beyond internal business units, many companies outsource elements of IT. We used a blockchain solution to automate invoice generation, eliminate blocked invoices and ultimately cut processing costs in half.

In which private equity world, our client was looking for a way to engage multiple stakeholders in their fund including general partners, advisors, administrators, regulators, banks and more. The existing process involved a lot of data exchange and redundant processes like data entry. It was an opaque and lengthy comparison process that resulted in the company falling short of its targets. By implementing blockchain technology, we were able to improve the processes to achieve the goals.

We have also helped companies with large supply chains realize their blockchain potential. Without a fully digitized and immutable system of record, it is difficult for any organization to manage supplier relationships. Fragmented information and technology gaps make finding, onboarding, and managing suppliers tedious. Blockchain technology can Eliminate 90% of redundant tasksreduce cycle time by 90% and cut management costs in half for most of these companies.

5 ways to discover blockchain opportunities

With more than 10,000 blockchain companies Finding the right one for your needs can be overwhelming these days. Finding a solution that integrates with the business is never easy, and it’s important to get buy-in from everyone across the business. Here are five steps to get started.

  1. Study blockchain.
    The blockchain industry needs to understand many different terms, like smart contracts, NFTs, and sometimes even new programming languages ​​like Ethereum’s Solidity. Dive into whitepapers, forums, and research reports to learn all about the underlying blockchain technology and what it means for your business.

    Every blockchain platform is different, and you need a solution that best suits your business needs. Read everything you can find to determine what benefits and use cases blockchain can offer to meet your business needs.

  2. Discuss with like-minded people.
    Change management is a lengthy and resource-intensive process, as companies have to introduce every employee to new ways of working. You never know when a change may have downstream effects until you discuss it with the business units.

    Start the discussion early and involve all key decision makers to hear their thoughts on the proposed blockchain initiatives. Some will be open to new ways of working together, while others may object. Identifying concerns early and finding ways to overcome them will speed up the implementation process.

  3. research partners.
    Once you understand what your business needs, you should consider partners who know how to address your business segment. The blockchain company you choose should have experience and understand how to solve the pain points specific to your market. It should be flexible according to your business needs and ready to cooperate with you in win-win relationship.
  4. quantify value.
    Business leaders need reasons to invest in proposed solutions, so you need to quantify the value blockchain will bring. By examining and evaluating value streams, you can uncover inefficiencies and show how a newly proposed solution can help. You can also benchmark your competition to determine how a solution can help you get ahead and stay ahead. These points increase your chances of getting approval from all relevant stakeholders.
  5. Continuously improve.
    Once you implement a solution, continuously monitor it for improvements. Encourage users to submit feedback so they understand how to further refine the platform to suit the specific needs of your business. This protects your investment and ensures you maximize value and ROI.

Blockchain technology offers a wealth of opportunities for companies that implement it. This is happening rapidly across all market segments, and blockchain spending is expected to increase over the next decade. Executives looking to future-proof their business should explore where blockchain can offer significant benefits.

Written by Isaac Kunkel.
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