Blockchain weekly digest — mass adoption strategies
By Emily on The Capital
Dictionary: strategy — noun — a plan of action designed to achieve a long-term or overall aim.
“time to develop a coherent blockchain strategy”
Blockchain promises so much, but as with any new technology, it can be confusing to decision-makers as this technology goes against current business strategies.
So, how do you know if you are backing the right blockchain solution?
In these weekly digests, you will get the highlights of blockchain news from around the world, which will give you an insight into the themes developing with this innovation.
Blockchain Associations
This week we see China and Singapore launch new blockchain associations.
China saw significant global companies like Huawei and ANT Financial join their National Blockchain and Distributed Accounting Technology Standardization Technical Committee.
Singapore merged two of its blockchain committees, both founded in 2018, to launch their new Blockchain Association Singapore. They are notably partnering with Singapore Polytechnic to promote education in these new technology industries.
These new industries arguably cross the borders between traditional business and technology services, offering new ways of doing business across the globe, thereby education is needed for developers and business SME’s alike.
Blockchain Risks
Insurance business magazine reported that
87% of insurance executives said they felt directors and senior executives were at risk of being sued if their organization suffered losses due to blockchain or crypto-asset activity
You can’t blame decision makers for being wary in adopting this highly charged new way of doing business into their enterprises.
Senior executives have a responsibility to shareholders, employees, data protection security, and governing bodies. I think this is why it is often reported that blockchain between now and 2025 will see currently solutions requiring replacement.
Managing the risk of adoption
A blockchain mass adoption tactic has been the formation of business collaboration bodies, such as blockchain or fintech associations and consortiums. In essence, these organizations allow businesses to share risk with their peers.
Hyperledger, IBM TradeLens, Energy Web Foundation, and B3i are all examples of a blockchain consortium.
Blockchain beyond borders
In their recent webinar, Algorand MIT Professor Silvio Macali noted the need for both private and public blockchains.
Co-Chain is an innovative interpolable blockchain solution that enables a private blockchain to run on the Algorand open-source blockchain.
What is a co-chain?
Runs independently from the public chain, shields its transactions from all outsiders, chooses its validators, and runs its the Algorand consensus algorithm;
Interoperates with the Algorand main chain to transact with other co-chains, and everyone else, with the same ease and security with which the members of Algorand’s permissionless chain transact with each other; and
Enjoys, both in its internal and external interactions, the same atomic transactions, layer-1 smart contracts, and all other primitives and tools offered by the permissionless Algorand protocol. It automatically inherits all the improvements and upgrades that will be added to Algorand’s permissionless protocol.
Question: Why do you need both private and public blockchains?
Answer: To enable business privacy, security, and to remain competitive.
Further research
If you need some questions to ask while researching if blockchain adoption is for you — check out my previous article: How will we earn money to live in 2050? Unlocking the value of the invisible economy through blockchain.
Conclusion
Blockchain strategies are transforming as the technology enters this new stage of maturity. Are these blockchain’s “the teenage years”?
You will likely see more companies taking advantage of the best parts of this innovation to enable new ways of doing business outside the current paywalls.
If you liked this weekly digest, please check out my other insights here or follow me on Twitter!
Stay safe, folks!
