The Balance Art of IT Strategy and Block Chain Trend

nnnThe author is the director of digital solutions and consulting services at UST Global. He explains how the enterprise should seize the trend of the block chain, make it fit with its own strategy, and make full use of the advantages of the technology to protect its own development. He pointed out that the most promising and most interesting applications of block chains often exist outside the encrypted currency, and it is worth exploring the industry.n
nnTranslated by: Inan
nIn 2016, Barclays Bank became the focus of the chain chain area, to show the industry some of the practical application of distributed books technology. The Chinese government has also taken advantage of this wave to announce the use of block chains to send invoices and tax. The latest move by the Chinese government shows how the technology can be used in everyday applications.n
nIf companies want to remain competitive in the market, especially those with global influence, they can not avoid these new technological trends. The block chain is generally interesting because it differs from most modern technologies, and it decentralizes power, so it has the ability to subvert the business model, industry and even the whole society.n
nThe company faces many challenges in exploring the block chain world. One of the biggest challenges is that there is no provisions and standards for such transactions.n
nThe misunderstanding of the real technical competence of the block chain and the lack of general awareness of it are some of the important obstacles to the mainstream of the technology. Many people still do not understand what the block chain is, or what it can do.n
nIn addition, companies are concerned that the industry, especially business transactions, there is no proof of any proof or proof. Most consumers in developed countries believe that the use of non-block chain technology in daily life is sufficient. So people will not be eager to use it or need it. The point is that block-chain technology is still at its earliest stage, which hinders its adoption.n
nHowever, this situation has now changed. As large organizations use block chains, their capabilities and subversive effects are obvious, companies are now beginning to understand the work of block chain technology and its impact on their own business.n

nJosé Luis Riveron
nAnd many companies are already investing in the technology and trying to figure out the results / benefits of using it. Any kind of emerging technology must undergo a slow initial stage. Early adopters in the market will need some time to do the right pilot and proof of concept and to promote adoption.n
nHowever, another common challenge for companies looking to keep up with this trend is to find the right technology partner to understand their needs and provide sustainable solutions. In order to meet this challenge, these companies can adopt the following four-step strategy.n
nn1. First, companies need a holistic concept of block chains and DLT (distributed book technology) to understand how they can subvert their industry and what business cases can bring about significant cost savings and efficiency improvements.n
nnn2. Once you have a vision, you will face the challenge of “who will implement this vision” – it is recommended that the company adopt the Center of Excellence (CoE) method and has a team of core experts who can help shape the solution.n
nnn3. These companies need a solution framework to facilitate the rapid adoption of block-chain solutions. In this regard, IT service providers will play an important role in the company’s IT strategy and block chain trend perfect fit.n
nnn4. The next step is to use a flexible approach to researching block-chain technology and platforms, rapid prototyping, and common creation of use cases and proof-of-concept development. The key to the solution is how it works with other parts of the technology environment. Once you understand this, you can consolidate block-based technology in your company’s existing technology ecosystem.n
nnThe important components of the digital domain include immutability, security and transparency, the company is aware of the real value of the block chain, we can expect the technology in various industries and areas to be quickly adopted. The most interesting (promising) block-chain applications exist outside the encrypted currency: health and medicine, logistics, cadastral, government and corporate documents.n
nFor the financial sector, everything that is paid and transferred is interesting: trade finance, mortgage, distribution and stock trading, and the transfer of documents between the bank and its corporate customers. More specifically, we are discussing different smart contracts.n
nBlock chain is different from other technologies, its purpose is not only to be retained, to achieve development, but also to achieve subversion! It promises to change the business around the world.n

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