There’s a big risk associated with implementing any new technology solution for your
organization. For one, it’s difficult to know how a specific solution will run without first
implementing it. This leads many businesses to avoid implementing a new solution for fear that
it won’t be worth the investment. On the other hand, if they fail to implement a new solution, they could potentially lose out on valuable new tools they could use to succeed. How can you get around this issue?
One of the most relevant examples is blockchain technology. There are quite a number of great
uses for the blockchain in a modern business environment, but the most practical among these
might warrant at least a little bit of hesitation on the business owner’s side of things.
It makes sense that a lot of organizations might be skeptical about implementing blockchain
without taking a closer look at the numbers. Blockchain is still new enough that there will be
second thoughts before any organization implements it. According to the 2018 CIO Survey by
Gartner, only one percent of CIOs have adopted blockchain technology for business purposes,
whereas about eight percent of them have plans to do so in the future. Similarly, 77 percent say
that there is no interest whatsoever in implementing blockchain technology.
Those who do plan on adopting blockchain technology soon have found that it will likely not be a
simple task. 13 percent of organizations with plans to do so say that in order to implement
blockchain technology, they would have to make significant changes to their IT department,
whereas 14 percent believe that a culture shift is necessary to accommodate this. 18 percent
also found that it was difficult to find staff who were capable of working with blockchain
technology, and 23 percent found that blockchain demanded the newest skill development out
of any other new technology solution, they could implement.
Some service providers have taken advantage of this deficit in use by offering Blockchain as a
Service. This type of business model actually saves organizations the pain of adopting
blockchain technology by making it so your employees don’t have to have specific
blockchain-related skills in order to take advantage of it. Since there is little to no investment in
blockchain involved on your end, you can take full advantage of services like these through
providers like Amazon, IBM, Microsoft, and more.
There are considerable challenges for this approach, but it’s a much more attractive option for
organizations that have limited budgets or workforces. What this accomplishes is that you can
take advantage of blockchain without making any huge investment. Of course, this also means
that there will be issues related to compliance and regulation to deal with, but it’s easier to think
about these when you know you have a solid way of implementing and affording the service in
the first place.
How would your business utilize Blockchain as a Service? Let us know in the comments.