176  Blockchain

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⚬Recommendations:

– Enough liquidity to face off the short-term challenges

– Set up a research team to look out for economic outlook

– Hire SMEs (subject matter experts) and/or consulting firms to

provide expert advice on regional and global economic outlook

– The economic factors provide insights for the country that an

organisation wants to start business in. Organisations should

use these insights before making a decision to establish a busi-

ness in a specific country.

– Economic factor insights can assist in strategy formulation based

on high or low risk. My recommendation is to start a business in

a country that has mature economical policies, a stable govern-

ment, fair taxation policies and a mature legal system.

• Social: Organisations need to carry out substantial research before for-

mulating the blockchain strategy and business models. The research

needs to be focussed on countries the organisation wants to establish

the business in. Social and cultural factors can impact the organisa-

tion’s blockchain strategy.

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⚬Recommendations:

– There is a saying known as ‘Culture kills Strategy’. I really

believe in this statement as organisations cannot enforce the

common strategy globally in all countries. The global strategy

needs to be slightly changed for regional regions and countries

based on the social and cultures factors.

– Carry out enough research on social factors in regions before for-

mulating the blockchain strategy. For instance, the way of doing

business in Germany might not work in Japan. The strategy needs

to be formulated as per country and regional culture, demograph-

ics, people age, ethnicity and so on to name a few factors.

– Have a global blockchain strategy with local variants of it as well

to focus on competing in the local markets with global vision.

• Technological: Technology innovation is evolving at a rapid pace.

Organisations must change their business model to adopt the new

technologies to serve and retain customers. Organisations who do

not want to adopt the new technologies and new channels to serve

the customers will be left behind and probably will be overtaken by

competitors. We will go through some of the recommendations for

organisations with blockchain business cases in this section.

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⚬Recommendations:

– Organisations need to do thorough research on the blockchain

products, platform, Government policies, available skills and

so on before making a decision.

– Blockchain technology adoption can be complex. Organisations

need to make sure that the skills are widely available for the

chosen blockchain product or platform.

– It is essential to assess the adoption of the selected blockchain tech-

nology by other parties in the network as well as end customers.