Three questions every CEO should answer before implementing Blockchain
83% of the C-suite executives believe that trust propels their business. Blockchain is all about creating trust among users. If you are a CEO looking to implement a blockchain solution for your business, these are the three questions you need to answer.
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83% of the C-suite executives believe that trust is the biggest factor for them to run their business with various entities. Having said that, blockchain technology is all about trust, and exposing information everyone wants to see, without compromising on security. Which is everything you need to run a efficient business.
Blockchain is a distributed ledger or a digital network that has a chain of custody of any information that is inline with what you are looking for. Blockchain is being implemented in a variety of industries like finance, shipping and banking as well. The technology is expected to grow exponentially in the next decade, and businesses are preparing themselves to adopt blockchain.
But blockchain might not be for everyone. Though the industry’s growth is expected to be reaching around $15 billion to $20 billion by 2025, it is important for a CEO to answer these three questions before they could even reach out to a consulting company:
- How can blockchain enhance your industry value chain (IVC)?
- Transactions are being done mostly by machines here. How will that affect your business?
- If you rely on intermediaries for performing a transaction, how can you leverage blockchain to enhance or remove them?
We believe that blockchain is the next big things that will happen to industries, and we are taking the lead. Talk to a blockchain expert now for a business evaluation.