Blockchain framework  157

Business Problem

Description

Best-fit technology

Shared consistent data

store

Business impact due to Pandemic or An act of God

Immutable records

Population growth, ratio of young and old population, culture shift, ratio of rich and poor

Multiple

Competition from new startups and fintechs

Digitalisation

Challenges from digitalization on way of working and shift in customers purchasing habits

Innovation

Challenges from disruptive innovation in technology

Globalisation

Impact from globalisation whereby world is within close reach

Resiliency

Business models need to be changed to incorporate resiliency in each process

Concentration risks

Business process need to have less reliance on single entity. Don’t put all your eggs in the same

basket

Cost

More pressure on businesses to reduce run cost to carry out BAU (Business as Usual) activities

and divert more budget toward change budget for innovation

Skills

Challenges on hiring appropriate skilled workforce

Figure 5.5  Blockchain technology use – matrix table.