How to Take Advantage of Digital Disruptors and Blockchain in Your Industry

In recent years, digital disruptors and blockchain upend traditional business models across various industries. From banking and finance to healthcare and manufacturing, these new technologies create opportunities for businesses to increase efficiency, drive costs, and improve customer experiences.

Blockchain and digital disruptors are quickly changing the landscape of many industries.

How to take advantage of new blockchain technology?

Here are a few ways you can take advantage of these new technologies in your industry: 

1. Use blockchain to create a more secure and efficient supply chain. 
2. Use digital disruptors to create new and innovative products and services. 
3. Use blockchain to streamline processes and reduce costs. 
4. Use digital disruptors to reach new markets and customers.

To stay ahead of the curve, businesses need to understand how digital disruptors and blockchain can be used to their advantage. Digital disruptors are companies or technologies that challenge traditional business models by creating new marketplaces or using innovative technology.

Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. By understanding how these two forces can be used together, businesses can stay ahead of the competition and tap into new markets.

A digital disruptor is an entity that creates new business models, technologies, and processes that significantly change the value proposition in an industry. As industries have become more digitized, the rate of change has accelerated, making it difficult for incumbents to keep up. However, there are ways for incumbents to take advantage of digital disruptors.

However, digital transformation is not without its challenges. One of the biggest challenges of digital transformation is ensuring that all employees are on board with the change. Another challenge is finding the right technology partners to help you execute your vision.

Can blockchain be a solution?

The application of blockchain technology is often associated with the finance sector, but its potential use cases are much broader. Can blockchain help in digital transformation?

The answer may lie in understanding what digital transformation is. At its core, digital transformation uses technology to radically improve enterprises’ performance or reach. For example, a company might use digital transformation to automate manual processes, resulting in increased efficiency and cost savings. Or it might use digital transformation to develop new revenue streams by reaching new markets with innovative products or services.

For blockchain to help in digital transformation, it would need to provide a solution that is not currently possible or offers a significant improvement over existing solutions. Blockchain has been used successfully for payments, supply chain management, and identity verification.

Read about the role of digital transformation in business growth and learn how to overcome new digital obstacles.

Blockchain in Digital Transformation

Assuming you would like tips on how to use blockchain in a digital transformation, you need to answer yourself questions below:

1. Define your business goals. What do you hope to achieve by implementing a digital transformation? How will blockchain help you achieve these goals?
2. Why do you want to use blockchain? Can a “classic” solution be sufficient?
3. Assess your current infrastructure. Can your existing infrastructure support a digital transformation? If not, what changes need to be made?
4. Choose the right platform. Not all blockchain platforms are created equal. Do your research to find the one that best meets your needs.
5. Implement a pilot program. Once you’ve chosen a platform, implement a pilot program to test it out. This will help you work out any kinks before rolling it out on a larger scale.
6. Train your employees.

In layman’s terms, a blockchain is a ledger that can’t be revised or deleted. Users can update the ledger or append additional information, but the historical information is never deleted. Instead, it is stored in blocks across many computers on a network.

So, how do you choose the right blockchain platform for your business?

Here are a few things to consider:

1. What problem are you trying to solve?
2. What type of transactions do you need to support?
3. Do you need a public or private blockchain?
4. What level of security do you need?
5. What kind of scalability do you need?
6. How much control do you want over the platform?
7. What budget do you have for development and maintenance?
8. What expertise do you have in-house for developing a blockchain platform?

How companies use blockchain to disrupt their industries

Even though Bitcoin, a cryptocurrency, is today’s most popular blockchain application, blockchain can be applied in many industries, and it can serve many uses. For example, in the banking industry, blockchain was introduced to lower the cost and time to complete global transactions, both for businesses and consumers.

Blockchain networks are currently being utilized in industries including banking, luxury goods, supply chain, and healthcare.

There are 5 different applications of blockchain technology you can take advantage of.

#1 Smart contracts

Blockchain allows a contract to be coded without risk of interception or fraud.

For example, once all parties agree on contract terms in an app for a car rental, they are granted access to the product through a smart lock.

You can use smart contracts to make safe and secure contracts with your users and to provide them with a service without any risk of interception.

#2 Blockchain and the supply chain

If you have ever had a package delayed, you know the pain we are talking about here. And solving these supply chain issues is no small task.

Before a customer receives the order, multiple parties must deliver. If only one link in the entire supply chain fails, the company that the customer purchased from faces trouble.

To solve this, blockchain technology provides a permanent digital record, accessible to anyone in the network. This allows for full transparency and lets us see where exactly the problem occurred and how to facilitate the process.

#3 Electronic voting/polling

This application of blockchain technology is straightforward as it gets.

No outside influence or corruption – stakeholders can safely weigh in, regardless of the poll.

#4 Storage

When talking about storage and blockchain, we can say that using excess space on user hard drives through blockchain is much more secure and plentiful compared to cloud storage.

Even though cloud storage is, by no means, a bad choice, we live in times where there is always a better alternative to everything.

Learn more about data, storage, and data silos to find out how exactly they impact your business results.

#5 Efficient payments

Imagine instant payments, full insight into all transactions – and it’s all permanently recorded.

Through the power of blockchain technology, we can ensure that employee, vendor, or any other type of payment is processed instantly, tracked electronically, and permanently recorded.

How to disrupt your industry with blockchain?

In conclusion, when choosing the right blockchain platform for your business, it is essential to consider its use case, performance, scalability, and security. With so many options available, it can be challenging to decide. However, by keeping these factors in mind, you can narrow down the field and find the best blockchain platform for your business needs.

Maybe you don’t need blockchain at all for your day-to-day business cases. So why then invest in a new technology that is expensive to implement? Before doing any development investment, assess your business with the questions above. Carefully choose what will be your digital transformation strategy in years to come.

If you need help choosing a solution for your digital transformation process, don’t hesitate to contact the Lumen Spei team at info@lumenspei.com.

P.S. Don’t miss our step-by-step guide to digital transformation! Get your game plan ready, and let’s tell a great story together!

Krunoslav Ris

Digital Transformation Consultant | Author | FinTech Specialist | University Lecturer | Executive Director @ Lumen Spei ltd. As a Senior Digital Transformation Leader experienced in driving organizational change and managing high-growth agendas, I have spent more than 20 years bringing technology to life, leading digital strategy across multiple channels, transforming ideas that have led to multi-million-dollar businesses, and executing the profitable deployment of new technologies across multiple industries.

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