Leveraging blockchain technology for growth
Finding the right growth business case for blockchain technology
As with many nascent technologies, the applicability of blockchain technology has come under increased scrutiny after early hype, driven by inflated expectations of the technology’s readiness for adoption. Over the past several years, enterprise adoption has been rising rapidly behind the scenes and, more recently, we have started to see the move from experiments to real-world solutions in traceability, identity management and finance among others; 54 per cent of respondents to Deloitte’s 2020 Global Blockchain Survey are currently developing blockchain solutions. Despite this, only 44 per cent of organisations’ executive teams “strongly agreed” that there was a compelling business case for blockchain technology.
Many of the most tangible blockchain business cases so far have been within efficiency gains and cost cutting – a natural fit for a technology that focuses on transparency and auditability on transaction level. However, there is also huge potential for the technology to go beyond these use cases and assist in driving organisations’ growth strategies. This whitepaper provides a framework with a holistic view of how and where to use blockchain technology for growth and what to consider when building a growth-based business case for your organisation:
The framework begins with understanding the technology’s core traits, before developing a deep understanding of your market and customer value proposition, ensuring that any technology investment is completely in line with your growth strategy. From there, we discuss using blockchain to enable or create new value chain levers to deliver a customer value proposition, as well as understanding your dependency on other actors for commercial success within your ecosystem.
How blockchain technology can streamline procure-to-pay, enable automatic and near real-time VAT settlement, and aid treasury within finance departments