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Strategic Approaches to Adopting Blockchain
This article is based on our experience in the Blockchain industry and it is worth noting that — Blockchain — itself is in its infancy stage. There are no defined set of rules or regulatory bodies. The adoption rate and effectiveness are based on factual research and what we (The blockchain industry) know thus far. No one knows the full effect, benefits, drawbacks, etc for each new adoption that will be undertaken. Results may vary and the entire Blockchain industry simply does not have a large enough sample size or data to analyze.
Depending on the angle of approach, this article may be thought-provoking and educational to the en-masse. Morpheus Labs hopes to value-add to the Blockchain community by increasing the adoption rate of Blockchain technology among the general public through respectful and responsible promotional efforts.
Blockchain news presence is increasing — largely thanks to the exponential boom in the value of Bitcoin — a cryptocurrency that is a subset of the Blockchain ecosystem.
If you had talked to corporations and start-ups just 2 years back, chances are — the adoption of blockchain was just an afterthought or simply chatter. Fast-forward to today, at the beginning of 2021, the chatter is beginning to become serious forethoughts in many organizations across various industries.
This article piece is written on the assumption that you have at least a certain degree of knowledge of the Blockchain industry. Like all other industries, due diligence is paramount and one of the main factors is to ensure you deploy the right (in this case — most optimal as the blockchain industry is still not regulated) strategy/approach to increase efficiency in your organization.
Identify and map out goals
The application of Blockchain technology is plentiful and can be applied across a wide spectrum. This can be painstakingly troublesome for companies thinking to implement the technology optimally. Organizations planning on adopting Blockchain should identify issues and points they think they would be able to solve with the implementation of Blockchain.
There are other important factors that should be considered. Organizations should map out goals on what they wish or envision for Blockchain to achieve. The organization’s level of the resources such as expertise, knowledge, the willingness of top management, etc will affect and influence the feasibility of adopting Blockchain into the said organization.
Besides the internal locus of control, the organization would also need to take a look into the industry-wide environment. Certain industries may be “blockchain-friendly” while Blockchain may be a hindrance in certain industries. If any requirements or answers such as ROI of implementation are still unclear, the organization should reconsider adopting Blockchain technology.
Optimizing (blockchain) approach
Once an organization has identified issues and is fundamentally ready to adopt Blockchain technology, they should choose the angle of approach and strategies that will best suit them. At Morpheus Labs, we have identified and classified the various strategies into four (4) main approaches. Organizations should first need to know where in the industry they wish to be positioned — this would help streamline and optimize their adoption of Blockchain
These approaches have all their pros and cons and there are certainly other strategies that may cross the realm or may not be mentioned in this article. For ease of reference, we have listed down the most common approaches.
Industry Leader
The “leader” approach must be willing and committed to taking advantage of their positional approach to set the standard norms in their industry. Organizations who wish to take this approach would need to understand the resources required and back-end work needed to rally their other stakeholders in their respective ecosystem sphere. Organizations who take this approach will cement their market position in the industry and establish control of the market. Large financial institutions or service providers in the logistic or healthcare industry will usually be candidates for this approach.
Things to take note for “Market Leader” positional approach
- Resources such as skilled manpower and financial power are usually required
- Constant R&D, innovation and implementation must be trickled down to all or most stakeholders in the industry ecosystem the organization is in. Slowing down will dissolve any advantages that had been built up by the organization
- Ideal cooperation such as dialogues with Government regulatory bodies is encouraged. They stand between long-term growth and immediate cessation of service.
Disruptors
Organizations who identify with the “disruptors” approach are often entering a market which they need not worry about protecting. They are non-dominant and may be practically unknown to the wider community. A disruptor approach would mean offering services that the customers can leverage on — and eliminate steps or finding a more efficient way to reach the customers’ goals. This approach is only considered useful if the organization adopting the “disruptor” approaches are able to pry away / reduce the customers’ dependence on existing players. Baas services like Morpheus Labs are well-primed to adopt this approach if desired.
Things to take note for “Disruptor” positional approach
- Should be entering a market space where they are “new” — bringing novelty while solving issues. If they are not new in the market they serve, it is not considered a disruptor
- Partnering up with notable or reputable players that are able to complement each other’s offerings is essential.
- This approach is not recommended for promoting (organizational) core services as it is a double-edged sword and ROI is usually on either end of the “success” spectrum.
Opportunists
Opportunists approach is doing what the name suggests. Organizations that will undertake this approach will usually wait, weigh their options and implement the most appropriate technology when it is required. These organizations usually do not have the full resources or are not in a position to adopt the leadership approach — the ability to encapsulate their market ecosystem — for any reason.
Things to take note for “Opportunistic” positional approach
- Constant lookout for innovative approaches so as not to risk losing out to competitors in similar trade. The R&D or marketing team of each organization should always be alert to developments in the sector and ecosystem they are serving
- Usually applicable for organizations who are in industries that leverage on permissioned network environment
Innovators
The innovator approach is a more unique strategy for an organization to undertake. These are usually larger organizations or players who can easily adopt the “leadership approach” but are looking to innovate or improve their current state of the business. Organizations who embrace this strategy usually want to change the way things are done in their ecosystem — they are in a position of influence in their industry but unable to single-handedly convince the entire industry to adopt the Blockchain solution they are proposing.
“Innovators” approach will be useful to an organization when they are trying something “new” and there are no industry norms. Innovators will spearhead the movement of the feasibility of Blockchain technology they are planning with other stakeholders in their ecosystem through conversations, feasibility studies, partnership, etc
Conclusion
There is no single “correct” approach when adopting and implementing Blockchain technology for your organization or business. Chances are you will utilize a mixture of strategies when adopting blockchain technology and solutions. Keep in mind always that Blockchain is still at its infancy stage and there are no defined set of rules and regulations. What may be today’s’ best blockchain solution for your organization may be obsolete tomorrow. When adopting strategies, always conduct your due diligence and conduct a feasibility study — just like any other business decision-making process.
About Morpheus Labs
Morpheus Labs is a Blockchain-Platform-As-A-Service (BPaaS) provider offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases. Start building for free on Morpheus Labs SEED!
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