It’s been talked and written about countless times, yet digital transformation continues to turn heads. Blockchain is more than a technology trend. Blockchain in digital transformation is a customer experience trend, perhaps, as it’s dynamic and constantly evolving. It’s already being billed to help businesses rack in an estimated $100 trillion in combined value by 2025.
But this trend could be set to evolve even more. Especially at a time when it appears to have found a perfect partner in blockchain, a technology touted as the basis of the future of digital transformation. All this stems from MITSloan’s findings that its success is heavily pegged on strategy, rather than technology.
Companies with mature digital transformation approaches seem to have incorporated at least one of the following: internet of things (IoT), big data, publicity, and collaborations. And so, with blockchain at the heart of the digital transformation revolution, there’s no doubt it will remain ferociously transformative and dramatic, the way it’s predicted.
Blockchain could be the key to accelerating digital transformation
Up to this point, many agree that blockchain has the momentum and vigor to transform new-age businesses. At a period when businesses are realizing the power that digital transformation has in creating efficiency and record-breaking revenue growth, lots of success stories are injecting more steam into the trend.
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Blockchain is already poised to be a standard for digital transactions. Thanks to a cryptographic structure, blockchain is decentralized and tamper-proof. This ensures the high level of trust in P2P transactions is safe. Ideally, with B2B and B2C businesses turning to the digital space, blockchain won’t just be necessary, but equally pivotal in digital transformation.
Businesses with robust digital transformation strategies often have an advantage in reorganizing their supply chains. But they always have to fight off competition amongst themselves and still keep an eye on their supply chains. Incorporating blockchain, however, promises to not only create maximum transparency throughout the chain but also create a competitive edge.
Likewise, digital transformation is largely about customer service – precisely, what customers want. They value the swift and speedy completion of transactions. Blockchain has shown that it can achieve this and make transactions safe and secure. This is a huge selling point in debates between companies that use blockchain and those that don’t.
The future of financial currency and blockchain
There’s a growing belief that digital transformation ought to stick to blockchain. It could grow into a de-facto platform for financial currency. Bitcoin and altcoin are growing in popularity. And blockchain seems to have found a home in the finance and banking sectors. It is a distributed ledger – secure, decentralized, and can handle digital assets in real-time.
Lastly, there’s a higher likelihood that blockchain might eventually be a success factor in competition among businesses. If companies adopt it and compel their suppliers to switch to this technology in their operations in line with its benefits, the skeptics will be left high and dry.
Discussion about blockchain is vital for companies that do not want to lose touch with the business world during digital transformation.
So, which way should you go?
Today, the dynamic nature of digital transformation vis-à-vis the appeal of blockchain in various businesses means the two are perfect for a business aspiring for agility. And that’s why companies killing it on digital transformation are now looking for ways and means to leverage blockchain and efficiently capitalize on digital opportunities.
It’s only a matter of time before blockchain becomes a standard in digital transformation.
Read more about Perficient’s blockchain offerings here.