Unless your living in a cave, it's almost impossible to have not heard of bitcoin. The decentralised digital currency alternative to fiat, built on blockchain. More technical terms like ICOs, smart contracts and proof of work, among others, are being thrown around, and startups are raising millions as though ICOs were the next big cash cow industry. It feels quite deja vu...
Companies looking to employ a successful blockchain strategy have a mammoth task at hand. They must keep focussed on the five W's (why, when, where, what and who) and build a strong case to launch a proof of concept as to why they can potentially disrupt different aspects of our digital lives.
Fail Better
Early adoption of any emerging technology can’t be expected to immediately yield life-changing results; A perfect example is this fantastic platform I am currently using to write this post. By learning quickly and failing frequently, start-ups can convert mistakes into valuable knowledge, putting themselves two steps ahead of those who haven't yet begun.
As with any startup, experimenting is vital in understanding how it can be used on a larger scale. As a fledging entrepreneur, I can't resist drawing inspiration time and time again from a handful of individuals (Jobs, Branson & Musk) who do exactly that. Blockchain isn’t the miracle technology to solve all problems. It is, however, a fundamental shift in the way data is transferred. To understand the full benefits of blockchain, businesses must get their hands dirty and I for one am excited to see what the big players have in store.
Best put by Jobs, "Here's to the crazy ones. The misfits. The Rebels. The trouble-makers. The round pegs in the square holes. The one who see things differently. They're not fond of rules, and they have no respect for the status-quo."
Great post as usual !!