DOI: 10.1201/9781003225607-6

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Chapter 6

Blockchain strategies

OVERVIEW

As per the Oxford dictionary, ‘Strategy is a plan that is intended to achieve

a particular purpose’.

As per the Cambridge dictionary, ‘Strategy is a detailed plan for achiev-

ing success in situations such as war, politics, business, industry, or sport,

or the skill of planning for such situations’.

Every business, regardless of the size, must have some sort of a strategy

to achieve its vision and mission. Usually, the strategy execution duration is

about 3–5 years. Selecting the right type of strategy can provide competitive

advantages to the business and is the key to its success.

LEVELS OF STRATEGIES

There are various levels of strategies. We will go through an overview of

them in this section.

The following are the level of strategies:

Corporate strategy

Corporate strategy is the most important and broader level strategy in an

organisation. The scope of the corporate strategy is on the whole organisa-

tion level. Corporate strategy goals are set on the board level and encom-

pass the following:

• Establish the vision of the organisation: Establishing an organisation’s

vision involves setting up high-level directions for an organisation, its

mission to achieve long-term vision and organisation corporate values.

• Set up long-term objectives to attain competitive advantages for the

organisation: Every organisation needs to compete in the global econ-

omy. Corporate strategy needs to set up objectives to attain competitive

advantages. Corporate strategy goals usually span across 3–5 years.