Technology

Must know Strategies Bridging the Trust Gap as a Blockchain Leader

By on May 4, 2019

As stated by PricewaterhouseCoopers, 45% of the global blockchain leaders considered the fact that “Trust” could be the major factor holding up the adoption of blockchain. As a matter of fact, blockchain is one of the hot topics in the industry today and most companies want to involve blockchain one way or the other.

PwC surveyed the state of blockchain among 600 executives from 15 territories, as a result, 84% of the organizations had some involvement with blockchain technology.

Blockchain, a distributed and tamperproof ledger simply does not cut out intermediaries, cost reduction, high speed and reach. Along with great transparency, it also offers traceability for businesses worldwide. According to a forecast made by Gartner, blockchain is on a verge to generate a business value of above US$3 trillion by the year 2030. With this prediction, it is certain to have 10% to 20% of the global economic infrastructure running on blockchain based system within the same year itself.

What are the strategies that will bridge the trust gap of a global blockchain leader?

Blockchain engenders trust. However, in the real world, organizations often find trust as an issue at every level. Users must know that confidence in the technology should have been built earlier. As we understand with every emerging technology there is a certain fact that challenges will eventually prevail doubting the reliability, security aspects, and the speed. There is still a pressing concern regarding the lack of standardization and interoperability in blockchain technology.

As a blockchain developer and a blockchain leader, these are the strategies that one needs to build and work around the key areas.

Let us list down the strategies required to bridge the trust gap.

  • Make the blockchain as a business case

Having strategic clarity ensures that blockchain has a business purpose and is aligned around participants.

    • To build an industry ecosystem

As the technology come up with ways to counter challenges, this may call for a collaboration of the competitors as well.

  • Determining the rules of engagement

The blockchain technology will be in need of rules and standards around which the participants will be able to access and see how they can engage.

  • Navigating regulatory uncertainty

Staying agile is required to meet regulatory requirements as they keep evolving in the years to come.

  • To confront the risk at an earlier stage

It is advisable to confront risks at an earlier stage rather than later.

  • Ensure there are no privacy implications

As this technology is still a niche in the market, one must ensure there are no privacy implications.

Deloitte conducted a survey that came up with finding the responsible sector for making business decisions regarding blockchain activities. The sectors are, IT (39%), business as a whole (39%), Innovation/R&D (15%), Finance (6%), and other sectors at a mere 1%.

We are aware that this disrupted technology will enable the market to greater heights, build new business models, and ecosystems. However, it is crucial for one to stay ahead and ensure that these strategies are followed.

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KAREN MILLER
Boston, MA

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