Blockchain, while initially associated with cryptocurrency, is a powerful and adaptable technology with the potential to transform organizational operations. Beyond its cryptocurrency roots, blockchain—a decentralized ledger that builds trust and reduces transaction costs—is now applied in various sectors, including supply chain management, customs automation, and financial transactions, with many more uses on the horizon.

Organizations face three main challenges: grasping the technology, determining how to tailor blockchain for value creation, and devising a strategy to realize that value early to fund ongoing development.

Our Blockchain Strategy

Blockchain creates value by eliminating intermediaries, automating processes, and enhancing transparency and trust in shared data. Realizing this value demands innovation in business models, operational efficiency, risk management, and social impact. The potential is extensive, but organizations must first address several critical questions:

• Should we develop a custom blockchain solution or utilize existing ones?
• If opting for a custom solution, will it require a network of participants to succeed? If so, how can we ensure sufficient value is shared to sustain the project?
• What are the steps to build and launch the solution? This includes selecting the right technology stack, determining essential features for scalability, and planning the market entry strategy.

Navigating these questions can be challenging, especially given the complexity of the technology. We assist organizations throughout this process with a structured four-step approach:

1. Blockchain Workshop: We start with an educational workshop that brings together key decision-makers and industry specialists. Participants gain an understanding of blockchain technology and explore relevant case studies to identify potential opportunities and considerations for their business.
2. Innovation Sprints: We delve into the most promising opportunities and strategize on blockchain implementation. This involves identifying, prioritizing, and assessing potential use cases based on their business value, risk, and complexity. We evaluate various execution approaches—whether to build internally, use third-party solutions, or join existing consortia. Teams develop an economic model and an implementation plan for each major use case.
3. Proof of Concept Development: In this phase, we test the viability of a blockchain-based approach. We help select the most suitable implementation platform and architecture for the chosen use case(s). Business leaders develop and test a blockchain concept, focusing on market fit, customer acceptance, and competitive edge. Rapid iterations and pilot testing are conducted to refine the solution.
4. Blockchain Commercialization: We collaborate with leaders to create a detailed strategy for deploying the blockchain solution. This includes developing a comprehensive rollout plan, an ecosystem development strategy, and a timeline. The solution, initially a minimum viable product (MVP), is designed for rapid deployment and adjustment. We also integrate the solution with the organization’s overall innovation strategy, enhance go-to-market capabilities, and assist with customer onboarding and pricing strategies.