Examining barriers to enterprise adoption of blockchain

China is moving forward in the blockchain race, over 500 blockchain projects have beenregistered with the Chinese government since March this year, including some ofthe country’s largest companies
By
Nish Kotecha, Chairman and Co-Founder of Finboot

According to McKinsey Global Institute, only 20% of the total potential in the information and communications technology (ICT) sector has been unlocked by enterprises in the US, Europe and China. This indicates that more needs to be done to show businesses that digitising processes will save them time and money, while giving them a competitive advantage.

 

There are various reasons why businesses can be slow at adopting new technology.

Creation of a newtechnology application can be complex and slow, starting with the initial scope of the project through to a proof of concept (POC), testing and production. Time and costs can escalate rapidly while business needs change, leaving the new application a poor fit for the customer.

 

A fresh approach is needed, particularly in regards to blockchain, where ROIs need to be established quickly to ensure a good fit for this exciting technology.

 

Here, Finboot have created MARCO, a unique, blockchain-agnostic, enterprise-grade SaaS product. MARCO allows enterprises to easily access and use blockchain technologies within their organisations’ value and supply chains. It can be deployed by a wide range of business areas quickly and efficiently, and is highly configurable, meaning it can adapt to enterprises’ technology needs today and tomorrow.

 

Taking the novel approach of reconfiguration, rather than rebuilding, significantly reduces the time from scope to production, while slashing the cost of the project. MARCO boasts rapid ROI capability, which removes one of the key barriers to enterprise adoption of blockchain. Its simple dashboard ensures that MARCO is as user-friendly as email.

 

Energy giant Repsol’s integration of Finboot’s MARCO platform followed these steps. Firstly, into laboratories to track and trace the product through its lifecycle, changing characteristics to meet its customer requirements. Here, MARCO’s simplicity ensured fast and easy integration at all touch points, replacing complex legacy systems. Seeing the product in use ensures ROI can be easily identified. Repsol estimates that the solution will save approximately €400,000 per annum, even with a limited rollout. MARCO’s easily configurable dashboard significantly reduces the speed from scope of the problem to a POC, there by overcoming one of the core barriers to adoption: validating ROI cost effectively and quickly.

 

In blockchain it is important to take the lead. Blockchain’s long-term value proposition rests on wide-scale adoption by all stakeholders. We suggest starting internally to improve workflow communication and then expanding externally by onboarding all stakeholders onto a product that is easy to use.

 

Blockchain technology sets a new standard of trusted data communication across your value chains, delivering cost rationalisation and revenue growth opportunities. MARCO has established the gold standard for easy-to-use and adaptable blockchain applications for the enterprise client.