According to BCG's survey findings, most industry participants have not taken a deep look at blockchain’s potential applications.
Companies should be willing to invest the time and effort to realize the technology’s promise. The research resulted that blockchain can relieve a wide variety of pain points that impede information sharing and create costly inefficiencies
Blockchain can bring many challenges and barriers to those who aspire to develop it. According to the survey, the pain points are:
- Inefficient data and document management;
- Suboptimal equipment utilization;
- Complex claims and changes in ownership;
- Complex regulatory compliance;
- Costly and cumbersome letter-of-credit process;
- Limited traceability;
- Trade-based money laundering and fraud;
- Nontransparent pricing and booking;
- Complex process in reverse logistics.
In order to avoid all the above challenges that are most likely to have costly impact in a company, the ones who are to develop a blockchain project should firstly educate the organization. In other words, the ones taking part in blockchain should learn about the technology.
One should be aware that blockchain has challenges and risks; Therefore, the company should review its current pain points and assess the technology’s potential to address them.
Finally, each company should develop a specific strategy for blockchain adoption.