The decision to introduce Blockchain into the core of the enterprise operations is based on a scholarly, methodological and scientific research contingency. This encompasses the firm decision making of knowing Blockchain’s core technology, its enterprise benefits and its transformative effect as a foundational technology for the business.
The first step in Blockchain adoption is utilizing the many decision frameworks constructed by Blockchain engineers to determine if the migration to Blockchain is justified economically, made in a business collective sense and based on the intricacy of which Blockchain model is suited for the enterprise.
In the case of any technological adoption, education is the first step towards unlocking Blockchain’s disruptive innovation and its multi-levels of benefits to the business. With Blockchain education in the form of research, development, foundational knowledge via association and certification on its architecture, development and ongoing support, the enterprise gains the guiding knowledge to utilize Blockchain in its potential in which the business benefits are achieved in relevance.
Blockchain Consortium: To Educate and Pioneer
Leading the way for Blockchain to unravel across industries are the many consortia formed to engineer, develop and educate companies about Blockchain’s transformational effect not only to the enterprise, but also towards the industry as well. Among the many Blockchain lead consortium, the following are the ones that standout the most:
- Enterprise Ethereum Alliance (EEA)
- PTDL Group (Post-Trade Distributed Ledger Group)
- R3 Consortium
Blockchain consortia were formed as an alliance of tech leaders, global businesses and institutions across industries in order to develop and accelerate the maturation of Blockchain. Since then, the consortium mentioned have all released several Blockchain platforms that demonstrated several use cases that entail the benefit of Blockchain.
For companies that consider themselves somewhere between startup, small or medium or even large ones with ageing technology, joining a Blockchain consortium is beneficial to the business in a way where the business leaders are given access to resources, training and insight on Blockchain enterprise use.
In cases where a technological platform such as Blockchain needs a push to accelerate its momentum for adoption and maturation, initiatives were formed in the span of three years from 2015 towards the present date.
Blockchain is also not restricted to business use as the technology is also apt for adoption by federal governments and their local branches. In the United States, the Delaware Blockchain Initiative is considered among the first federal state to introduce a law that permits businesses and corporations to record their stock ledgers and stock records into distributed ledger technology (DLT) under Blockchain.
The initiative is guided by the belief that in the near future, Blockchain will govern the issuance and management of asset backed securities as Blockchain technology can streamline and make these records tamper-proof.
In streamlining assets and liabilities, Blockchain technology is seen to back the governing side of shares of stock, to title to real property and title to intellectual property via smart contracts.
In 2018, the middle-ground for Blockchain adoption is based on the principle of “What can Blockchain transform within the enterprise?” The mindset of business has progressed from questioning or dismissing Blockchain as a nascent technology that fluctuates with the market value of Bitcoin.
Instead, business and decision makers today are focusing on the science of Blockchain in order to determine its verifiable business benefits and it starts with education.
Information is insight. In the state of Blockchain where it is gaining steam towards its accelerating adoption across industries and its rate of maturity, Blockchain is experiencing a disruption within itself where its heightened features of security, performance processing and technology tie-ins will further improve the platform within the near future.
Companies like DynaQuest are heavily invested in the research and collaboration of Blockchain to keep pace with Blockchain’s accelerating application. As a Blockchain enabled BPO organization, DynaQuest functions as a consulting partner, accelerator and resource procurement specialist when it comes to Blockchain in the Asia-Pacific region.