The World Economic Forum (WEF) has recently announced new guidelines which are a set to be used in order to evaluate the blockchain technology and the main benefits of its application in businesses.
According to the new document, called Blockchain Value Framework, there are six recommendations on how companies should measure the success of these initiatives.
Basically, the first step, according to the guide, is to always create realistic expectations about how the blockchain will work. Taking time to understand the technology and third is to align your strategies with the blockchain.
Apart from that, it was also recommended that companies should understand that the blockchain is not really a substitute for digitization. The fifth point is that the organizations should keep “an agile approach” to see the evolution of their strategies concerning the blockchain.
Finally, the last point is that the decentralized nature of the technology is best used as a tool that can take the processes when they are isolated and fragmented and turn them into something as a whole.
Because of this, the main aspects are to understand the blockchain instead of treating it like a panacea. To understand that it has specific uses and integrate it into your company’s strategy.
According to the organization, the Blockchain Value Framework is a follow-up to the latest piece created by the company, which is called Blockchain Beyond the Hype. This last piece was released last year and was co-designed together with Accenture.
The current head of the forum, Sheila Warren, affirmed that the last report was more focused on how the blockchain technology’s deployment was not an end goal. In fact, it needed to help the company in some way to actually be a good idea to use the technology.
This new document, according to her, has the goal of providing some guidance as to how people can use the technology in order to improve their businesses and to figure out whether it is the right solution to some problem or not.
She affirmed that the new document has evaluated 79 different blockchains during a global survey in order to determine the best ways to use the technology. 550 people from across 13 industries were surveyed during the study. 51% of these people affirmed that their main fear of not using the blockchain was that they would miss out on creating new products.
Only 23% were more concerned about speed and efficiency and a total of 15% were worried about missing out on ways to save costs.
One of the top advantages that could be clearly seen from the study was that most people were interested in how the blockchain was fully traceable and the data was easier to be kept.
It was also noticed on the report that most companies were actually interested in improving products and processes rather than necessarily creating new products using the technology, although this preoccupation existed, too.