Blockchain is breaking out of its cryptocurrency shell to offer broad applications for all types of commerce. It has the potential for disrupting and changing the landscape in a huge way. Are retailers and ecommerce companies ready for it?
When is the best time to adopt blockchain technology? It was probably five years ago. Well before it became as common and well know as it is today. We still aren’t at saturation point. Though that gap will close quickly as it becomes far easier and more affordable for ecommerce companies to develop their own blockchain applications.
While there is a a real urgent need to engage and integrate blockchains, this still leaves a lot of additional advantages for those who get in early. It can be a tool for standing out, operating more efficiently, avoiding losses and providing better customer service. Being able to stake claim to being one of the early adopters in your industry will carry weight in the future too.
It is far better to embrace new technology when companies have the luxury of doing so and the benefits are greater, than later on when it becomes a must and the rush to play catch up can be expensive.
Absolutely not. Not all politicians, agencies, NGOs or ecommerce businesses are ready for blockchain. Mostly due to the fact that they simply don’t get it. They don’t understand what the terminology means and how great the impact can be on their industry and operations.
In fairness, ‘blockchain’ is a fairly poorly explained use of technology. Just like many smart startups, its intelligent tech architects haven’t yet weaved the right copy to convey its importance and breadth and depth of uses to potential users.
Of course, many may have felt the same way about email, outsourcing, or even the invention of the car and telephone. Obviously we’ve seen the impact of those who have been quick to implement these technologies on their industries.
Yes! Also no. Ask them “do you want some blockchain?” and they are going to look at you very confused. Offer them the ability to instantly pay with cryptocurrencies, enjoy more online payment security, speed in doing business, transparency, and better service, and you can bet everyone’s hands will be going up.
Today’s consumers are very savvy about bitcoin, even if they don’t hold any. They are all ready for something fresh, and for better service. They all want to be aligned with forward thinking brands.
Give them a secure and more efficient way to do business with you online and an interface that just works, and you could be adding far more sales and dollars to your key metrics.
It’s not just local or online shops and tech companies that are accepting bitcoin either. 33% of Spanish banks are now involved in a blockchain consortium according to NASDAQ.com. A group of 47 Japanese banks who are using a Google blockchain tool see the technology being able to save 50% on transaction costs. In the US, Goldman Sachs, Master Card and Bank of America have all reportedly being registering patents for blockchain technology.
IBM says blockchain is ready for government use, and has become one of a variety of Blockchain As A Service (BaaS) providers. Look to small overseas countries like Estonia where it is being used of i-voting, digital ID and online health records and taxes, and some are saving 2% of national GDP thanks to blockchain applications.
Blockchain technology has many potential uses, advantages and benefits, including:
Blockchain has so many important potential uses that it is likely to just keep morphing and growing. That’s true even if it is no longer called blockchain in its applications.
However, just take cryptocurrencies, and despite recent volatility there are many reasons it just isn’t going away anytime soon. Billions have been invested in it. There is a lot of desire and need for it on an individual and corporate basis given economic disasters in countries like Venezuela. International shopping, travel and investment is also up and in need of more versatile and consistent methods of transacting business. Many also see these digital currencies as vital for navigating future financial meltdowns. Should cities and countries go bankrupt on a large scale again, and wish to separate themselves from federal finances and oversight, they may turn to their own online currencies.
There are many, many potential applications for blockchain technology today. There is potential for industry changing apps in healthcare, real estate, banking, food supply chain and more. It will become easier to adopt these technologies as they are developed and made more easily available and affordable to smaller enterprises.
Not all will have the budgets, teams and time to go deep into these uses right now. Though it is vital to get started. Some of the most basic ways to get going include beginning to accept digital currency and implementing new project management and system management solutions based in the cloud.
It is going to take some investment, and even some patience for changes to payoff, but it is well worth it, if not essential. Think PayPal. This is what the hot startup set out to-do when it launched. Now it is really hard, if not disadvantageous to try and run without it for accepting payment and being able to pay vendors, staff, etc. You may be able to get away without implementing blockchain for a few more months, but you will be working at a disadvantage compared to the competition, and will wield less convenience, speed, and trust in the marketplace. Look to the future and make some new moves.
