Blockchain Opportunities and Implementation Strategies

Blockchain in Business: Opportunities and Implementation Strategies  

A radical transformation is underway right now, largely driven by growing interest in the Web3 or decentralized web. A new era of the Internet that allows us to participate equally in the creation and use of information and helps us regain control over our data. 

Blockchain technology , which is the basis of Web3, is a shameless provocation to leave behind old beliefs and obsolete paradigms, as it has the potential to break the centralization of power and absolute control of our information, eliminate the idea of ​​geographical barriers, and build a more united and collaborative global community, as well as to democratize access to information and control of money where transactions can be carried out safely and transparently. Nothing simple but increasingly natural in our daily lives. 

Without a doubt, a scenario in many ways, promising and still developing, but if you are one of those who still do not understand it, your question will then be: Where to start? 

Solutions For Companies with Blockchain Technology in 5 Steps 

How is your company today? During the diagnosis stage, the opportunities, threats, strengths and weaknesses that your company faces are analyzed. There are simple methodologies to apply, such as the SWOT analysis, which will allow you to make a complete diagnosis. At this stage, it is recommended that you carry out a study of your competitors, putting special focus on understanding how they are using blockchain or Web3 technology. This research will allow you to identify the strengths and weaknesses of your approach and consider how your company could differentiate and stand out by applying that perspective. 

Once you can identify the problem you want to solve or the idea you want to demonstrate, you have completed the diagnosis stage and can continue with the next step. 

Each of the first steps will lead you to integrate your insights into a final product known as a proof of concept. A proof of concept is the design of a small project, which is aimed at demonstrating the viability of an idea or technological solution. A proof of concept is built to evaluate if your idea is viable, and practical and if it can work before investing time and resources in a larger project; but you get to it after going through the first 4 steps. 

Therefore, a good diagnosis is decisive as it will set the tone for the entire process to culminate in a successful result. 

How clear are you about where you want to go in the next quarter? And in the next semester? And in the next year? 

Once you build the concept of your company or venture, it is necessary to capture in detail where you want to go: Are you looking for expansion? Do you need more clients? Do you want to solve a specific problem in your processes? This is the ideal stage to learn and become familiar with the basic concepts around Web3, blockchain technology, cryptocurrencies, and decentralized applications, as it will allow you to better understand how the technology works, what opportunities it offers and how it can be aligned to the purpose you have in mind. 

A clear and well-defined objective is essential for a later implementation of your proof of concept, as it provides a clear axis to guide the entire process. Each objective, in turn, will guide the initiatives or actions that will be part of the strategy, while helping to establish the criteria to finally evaluate whether the proof of concept was successful or not. 

The central question you should ask yourself to define a successful objective is what do I hope to achieve by validating this blockchain idea or technology in my venture or company? 

For example, if your purpose is to support your clients to adopt solutions with blockchain or web3 technology through a new consulting service and you hope to know how much interest there is in your market about these opportunities, your objective could be: define the scope of the Web3 solutions consulting service by showing clients use cases in the sector, in which technology is used to create new products or services, or improve existing ones. 

What problem are you trying to solve? What idea are you trying to prove? What is the result you want to achieve? Some other questions will allow you to define functional objectives at this stage. 

The strategy must be clear and realistic for your company and must include a plan with concrete actions and responsible people who guarantee its execution. A strategy aimed at implementing a proof of concept should also include prior research and selection of the tools and technologies to be used, as well as the available resources, execution time, and estimated budget. 

As we know, this new blockchain technology can be complex, so it is important to have people with knowledge and experience in blockchain, cryptocurrencies, development of decentralized applications, metaverse, and other alternatives. 

You can also choose to train your team with specialists; there are many success stories in which recognized brands opted to train new teams with very good results. 

Finally, it is important that the strategy you define is flexible and allows you to make the necessary adjustments during its execution. 

In the field of blockchain technology, talking about proof of concept is a common topic and refers to an initial evaluation of the technical and financial viability of an idea or project. Launching a proof of concept will allow us to identify possible problems or limitations, correct errors and demonstrate the validity of an idea to potential clients, partners or investors. 

In this step, we seek to test and refine the proposal and ensure that our idea can work in practice. It is important that you do not try to cover too much at the beginning, start with something basic and develop a simple proposal. As you gain experience and confidence, you can expand these new solutions or services. 

The technology around Web3 and blockchain is new and emerging, everything in it is being created right now and you are likely to encounter challenges and obstacles as you progress. Be patient and persevere. 

Why Do Projects Fail in Web3? 

The reasons can be diverse and range from the lack of understanding and adequate knowledge of blockchain technology, the lack of budget and investment for innovations, to the decision of having allocated little time to the research and development of adequate solutions aligned to the main activity of the company or business. They can also be due to poor collaboration and communication between teams and a lack of understanding of the needs and demands of customers or end users.  

On the other hand, blockchain technology is in an early phase of development, with a lot of potential but not yet fully mature. This, coupled with its technical complexity and the difficulty in identifying opportunities for clients and end users, creates a commercial scenario where Web3 and blockchain projects are more difficult to implement and maintain than conventional solutions.  

Considering that success in this new ecosystem is not automatic, it requires a solid commitment on your part, a clear understanding of the challenges that this emerging technology presents, and the opportunities it provides to companies, customers, and users. 

To Wrap Things Up  

What we have experienced in the last three years is nothing more than the beginning of an increasingly technological, complex, and diverse future. As new technologies emerge, it is increasingly common to see scenarios that challenge our understanding of the world and force us to find new ways to adapt and thrive in an ever-changing business environment. 

Everything dictates that, as businessmen and women, we must add more innovation and creativity to our projects or else, how do we survive and stand out in an increasingly competitive world? 

The global business and technological landscape, today more than ever, opens a unique opportunity for those willing to explore its possibilities and challenges. It is undoubtedly a scenario for the brave and daring, with challenges, yes, but also with new opportunities driven by emerging technologies. 

We need challenges that shake us and help us improve. Along the way, accompaniment is necessary, but it is much more necessary to break our own beliefs around digital and flow together.