Traditionally, information technology investments have been viewed as a method of supporting business process, as a means of achieving business objectives.1 However, as the importance of digital technology continues to increase, organisations around the world are beginning to realise the potential of “big data“, with an analogous push to capitalise on the game changing innovations that could fundamentally change business models, strategies and potentially entire business ecosystems.2
As we enter into the era of Industry 4.0 and a digitally connected world, the importance of a clear and well-defined technology strategy cannot be understated. As data emerges as a new asset class upon which all value will be built, the alignment and synchronicity between an organisation’s digital and analogue worlds will be synonymous with their ongoing success.
Blockchain technology applications offer transformative potential in many industries worldwide; however, there will also be instances where the development or implementation of blockchain solutions will not be feasible (or value-adding). As with any investment, what to do is as important as identifying what not to do. For all organisations, it is essential to clearly understand how your business operates and how it is positioned in the broader market. From here, consideration and exploration of the blockchain revolution will then identify if blockchain solutions have the potential to deliver tangible efficiency and value opportunities.
Any blockchain solution will only be as good as its execution.
1 Kahre, C, Hoffmann, D & Ahlemann, F 2017, ‘Beyond business-IT alignment – digital business strategies as a paradigmatic shift: a review and research agenda’, paper presented at the 50th Hawaii International Conference on System Sciences (HICSS), 4-7 January, Hawaii, viewed 14 March 2021, https://scholarspace.manoa.hawaii.edu/bitstream/10125/41736/1/paper0587.pdf
2 Chen, HM, Kazman, R, Garbajosa, J & Gonzalez, E 2017, ‘Big data value engineering for business model innovation’, paper presented at the 50th Hawaii International Conference on System Sciences (HICSS), 4-7 January, Hawaii, viewed 14 March 2021, DOI: 10.24251/ HICSS.2017.713