recent Dutch egg contamination, as well as any other worries surrounding counterfeit goods that might arise. Supply chains are typically complex, with multiple organisations providing a variety of services across many countries. Blockchain can quickly and efficiently provide trust in the identity of any partner in the relationship. It can also act as a registry and inventory for any asset, ranging from raw materials to intellectual property.
While recent research has suggested that only 48% of executives in financial services had a defined blockchain strategy, it is time to move, for companies wishing to utilise the potential of blockchain. Developing a sustainable strategy now could be the difference between gaining an enormous competitive edge, or risk being left behind as the industry moves on without them. That is why we continue to advise our clients to invest in building organisational capability to prepare for the rise of blockchain.
While it is important to build technology capability to explore its potential, to truly derive the promise of blockchain it is more important to understand the right business problems to apply it to. It could take many years to get this right therefore it is important that businesses explore blockchain options now and call on expert help to see how it can fit into their operations, as well as discover and mitigate the challenges that might arise.
To accelerate adoption, they will also need to establish internal blockchain champions, execute proofs of concept to fully understand the impact blockchain could have, and identify opportunities that boost confidence in the technology and show rapid results. This may not be easy to prioritize among various competing initiatives, but the benefits that blockchain can offer are too substantial, and companies cannot afford to wait any longer.
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