Blockchain — time to innovate?
At a recent event hosted by 6point6 and SBC Colab FinTech at Techspace Shoreditch, we explored the state of Blockchain’s ability to be ready for mass business adoption, looking in particular at whether or not this technology was ready for prime time or merely a catalyst for change.
Drawing on a range of Blockchain innovators, climate impact platform, Poseidon, global law firm, Addleshaw Goddard and international SME trade platform, Tallysticks, we garnered the views of those at the coalface of implementing solutions, to explore how Blockchain, as a technology, is impacting the sectors they are revolutionising.
However, when we talk about Blockchain, we’re not talking about crypto — albeit the roots of Blockchain are linked to bitcoin. What we’re focusing on is the role of Blockchain in driving business value and making business frictionless.
Some argue that 2016 was the year that Blockchain really emerged onto the tech scene and that 2017 was the year the concept was proven, but will 2018 be the year it will become industrialised and truly ready for prime time?
From emergence to growth
If research is anything to go by, Blockchain’s hey-day may yet be to come, with just 1% of companies already using it and only 8% with plans to experiment with it. In fact, 77% of businesses surveyed had no interest in it at all.1
However, as specialists in Blockchain technology, we understand the positive business impact it can have. But as for whether or not it’s the right solution for you, this is highly dependent on your use case.
Blockchain isn’t a magic bullet and shouldn’t be applied left, right and centre just because it’s en mode.
If it poses a potential solution to a business problem, the use case has to be the focus, and you have to understand if the business case for the solution is a credible one.
That’s not to say you can’t take inspiration from Blockchain. Indeed, it was clear from some of our panellists that whilst transformative for some, it merely served as a useful catalyst for the change for others.
The net result of our discussion
Your business’ technology requirements are better defined by the needs of your customers, as they influence both your business plan and your future strategy for growth.
Bearing this in mind, and with near-endless technology solutions out there, where should you start and how can you ensure you get it right – particularly when innovating with emerging technologies?
Nail the use case and it will drive the innovation process.
How to innovate
When it comes to innovating with any emerging technology, it’s crucial to have a risk management framework in place. Our ‘shape, build and run’ framework helps with the decision-making process, killing off ideas or adapting decisions, depending on the outcome.
This product lifecycle approach means we can help our clients to innovate in
an informed way. And if a product has merit, it will fly. If not, the framework will allow for an early exit.
We see innovation as our ability to tie together ideas and technologies to successfully bring something new and valuable to the business world.
To discuss this further, contact me:
MD, Emerging Technology