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Considering the astronomical growth in all major cryptocurrencies, and the admirable features lurking around blockchain, it’s no longer news that many companies have already begun its adoption while some are thinking about integrating blockchain technology into their business.
From the outset, blockchain technology has been regarded as a public transaction ledger for Bitcoin only. But today, its incredible benefits have evolved into something beyond the exchange of cryptocurrencies.
Blockchain is a great innovation just like the advent of the internet 20 years ago.
Before adopting this technology, here are five strategies to consider.
1. Minimize risk – Run an inexpensive test
Blockchain technology is a new innovation that needs a foundation to prove its worth. And while proving its worth, you don’t have to risk all your business funds in the process. You don’t have to risk your livelihood and that of your employees on some unproven and complex technology in the course of adoption.
More importantly, don’t even think of worrying your investors or spending the majority of your funds just to see if this new technology works for your business. Instead, be smart. Take it bit by bit. Run inexpensive tests. Until you see your competitors using this same tech to challenge your existing business model, don’t invest too much on this new technology.
Note: Innovation fails all the time. So, if you’re a CEO thinking about combining blockchain with your existing business model, it’s advisable not to risk all of your dollars while experimenting. Instead, go slow and steady on low-cost tests.
2. Go deep and learn more about it
Before transforming your business into a blockchain-based solution, it’s very important to learn about this technology.