After years of hype and uncertainty, Blockchain technology is undergoing a rapid prototyping and adoption phase. Many companies across several industries are getting on the blockchain plane. Even if this is true today, it is undeniable that there has been a very high failure rate on several blockchain projects. Nonetheless, experimentation with emerging technologies is challenging and roadblocks to be considered. Therefore, companies willing to invest in Blockchain should build a strong knowledge base and awareness in the Blockchain domain, defining precisely which business areas can be improved by adopting such technology. A clear vision and deep technical and strategic understanding of where blockchain fits seems to be the most important starting point.
It is becoming increasingly clear that there should be more clarity when talking about Blockchain technology.
The only way to leverage this new technological breakthrough is to understand what it truly is, what it can do and how it can support the current digital transformation challenge that companies are facing.
Other than that, without truly understanding what Blockchain is about, the risk is to invest in a technology which will not be aligned with companies’ business models.