178  Blockchain

Factor

Description

Impact on Blockchain use case

Political

Focuses on regional and international government policies, regulations,

laws, taxation and also employment policies.

Can have big impact on Blockchain adoption due to potential new policies

and standards enforced by governments.

Economic

Focuses on the economical factors like Interest rates of the central banks,

Exchange rate of the currency against others, economic growth (GDP),

inflation and recession.

Blockchain use case can get impacted by economic outlook of the country

and market like interest rates, taxation, economic growth, inflation, or

recession.

Social

Include demographic and age distribution (Asian with 18-25 years of age

etc.), Cultural attitudes (religious, vegetarian, behaviours etc.), workplace

(work from home or work from office) and lifestyle trends (healthy or

unhealthy lifestyle).

Social and cultural factors can impact the organisation’s Blockchain

strategy.

Technological

Focuses on impact of technological development, disruptions, innovations

(Artificial Intelligence, Robotics, Cloud, Internet, Blockchain, Digital

channels) and also government adoption of the technology within multiple

sectors.

Organisations must change their Blockchain business model to adopt the

new technologies to serve and retain customers.

Legal

Relate closely to Political factors as well. Legal factors include laws related

to consumer, trade and copyright.

Organisations need to keep an eye on the existing/upcoming policies and

laws. They need to adopt the new legislation within Blockchain use case to

comply with local/global laws.

Environmental

Includes everything related to environment like climate change, pollution,

renewable energy, supply of natural resource

Organisations need to assess their Blockchain strategy and business models

to make sure they are contributing toward Net-zero to reduce the global

warming. They need to select a suitable Blockchain technology to adhere to

environmental laws of the country.

Figure 6.4  PESTLE model on blockchain use cases.