180  Blockchain

• Strengths: It is vital for an organisation to assess their strengths as

part of strategy formulation. The strengths factors of an organisa-

tion can determine what areas or sectors of the blockchain the busi-

ness should invest in, based on the uniqueness, products, skills and

specialities.

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⚬Recommendations:

– An organisation must do an assessment of their strengths. The

assessment needs to focus on blockchain skills within the organ-

isation, blockchain products or platforms, uniqueness of the prod-

uct or platform, any blockchain IP, supply chains, balance sheets,

overheads, existing footprint in countries/regions and so on.

– The assessment of all strengths can provide enough insights

to the board and senior management to focus on specific mar-

kets, countries, regions and sectors.

– The assessment can also assist organisations to rule out any

initiatives that cannot be implemented or executed properly

due to lack of strengths.

– For example, an organisation with an existing business model

to buy/sell art (paintings/modern art). It should be confirmed

that they have substantial liquidity in the balance sheet and

have the existing client base and skilled people on Ethereum

blockchain; they can decide on developing a non-fungible

token (NFT) exchange on top of the existing business model

to automate the buying/selling of art.

• Weaknesses: It is a universal rule to know our weaknesses. This can

apply to individuals as well as to organisations. Once the organisa-

tion maps out their weaknesses, they can initiate transformational

programmes to improve them. The senior management can also make

strategic decisions to stop/hold investment on business programmes

that might not sustain or have low probability to succeed on and focus

on improvement plans to be more competitive in future.

⚬

⚬Recommendations:

– Hiring blockchain skilled resources is still difficult as compared

to other technologies. If one of the weaknesses is skill shortage

within the team for blockchain, then the organisation must cre-

ate an educational programmes to upskill internal resources on

blockchain to support existing customers or prepare to launch

a new product/platform/services in a new market.

– Organisations can hire SMEs externally or use consulting

firms to train their internal resources.

– If the organisation is struggling with investment budget on

product development or innovation, they should review their

existing processes and supply chain to reduce the overheads

through automation and improved productivity.

– Organisations with a lack of reputation and brand name will

struggle to convince the existing and/or new customers to adopt to

blockchain-based products/services. They need to work hard to