Beyond Hype: How Does Blockchain Figure in the Enterprise Innovation Lifecycle

Technology is dictated by its cycle of succession of platforms where one piece of technology succeeds an ageing technology. The predecessor technology has outlived its heyday as the enterprise must discard it in favor of a successor. The successor technology is designed to be better, more efficient and is built with functions that are deemed more advanced and thus, is better equipped to service the enterprise in a changing world.

Often, the cycle has a market identity of a succeeding technology is based on the cloud of hype shrouding its introduction into the market. The early adopters would often be the first to pioneer the new technology through successful use cases and this is where the phase of mass adoption is fueled by the momentum of emerging reputation. When the successor technology gains mass adoption, it reaches its zenith, thus it indicates maturity.

Blockchain Moving from Hype to Steam

For Blockchain, it is a nascent technology that originated from Bitcoin, arguably the world’s most popular cryptocurrency to date. Powered by Blockchain, BItcoin thrived with its public and yet secured digital commerce economy. Blockchain as a platform has since deviated from cryptocurrency as Blockchain technology has been utilized by the formation of consortium in order to puts its features into meaningful use outside that of cryptocurrency.

Today, we see use cases and new business models that are formed around Blockchain technology’s incorporated functions such as smart contracts, distributed ledger technology and distributed applications. Blockchain is changing healthcare, finance, commerce, contracts and digital information as we know it.

Blockchain has moved past the lab concepts into a technological property that is being adopted by enterprises to transform their information technology processing into a seamless, automated and less actor dependent model.

With verifiable use cases across industries, the adoption mindset towards Blockchain has gone pass dismissal, waiting stages and into a concessional framework where decision makers are aware of its existence, its capabilities but are still looking for ways to make Blockchain work for their organization.

Blockchain Lifecycle Stage

Blockchain as a foundational technology for the enterprise consists of an intake lifecycle that entails stages:

Information gathering
Research and Development
Business studies
Decision Model making
Resource procurement
Development
Staging
BETA testing
Push Live
Post-Live performance monitoring
Optimization

Enterprises are advised to study Blockchain thoroughly to maximize its transformative utilization for the benefit of the business. As Blockchain gets deeply involve into reshaping the business model, administration must also scale and adopt with Blockchain as the platform is not a magical bullet that will solve enterprise challenges.

Rather, Blockchain allow enterprises to scale with the information processing power needed today to be competitive.

DynaQuest is a specialized BPO company that services enterprises that are transitioning from ageing information systems to a Blockchain architecture. We are specialists in the formulative business study and resource procurement to help the enterprise enable Blockchain into their operations.

DynaQuest Technology Services Inc.