Blockchain strategies  181

listen to customers, take their feedback and improve the inter-

nal processes, staff and so on to regain the loyalty of the exist-

ing customers and improve their brand name.

• Opportunities: Organisations need to continuously assess the external fac-

tors to look out for opportunities. The assessment of opportunities can

help in formulating the strategy to focus on markets and countries for new

business. The following are some of the recommendations to use the oppor-

tunities as factors to initiate or grow a blockchain-based business model.

⚬

⚬Recommendations:

– Launch the blockchain business in the country, which is favour-

able to blockchain technology from the perspective of Government

policies.

– Organisations should review the taxation laws, central bank

governance and acceptance of various blockchain-based prod-

ucts/platforms as part of their blockchain strategy formulation.

– Some countries are favourable to innovative and disrupting

technologies including blockchain. Organisations should use

these grants from Government and tax breaks to launch the

blockchain products in those countries first.

– Countries like Singapore, Dubai, UK, USA, Switzerland,

Estonia and so on have established legal and central bank sys-

tems. These countries are also launching multiple programmes

to use blockchain to simplify the transactions and digital jour-

neys across various industries. Organisations in blockchain

business should capture these opportunities before it is too late.

• Threats: Threats are related to external factors that have potential to

impact the organisation business. Threat analysis is crucial for the strategy

formulation as it can impact the new/existing business models and can have

a negative impact on the organisation’s business, brand and profitability.

⚬

⚬Recommendations:

– As part of strategy formulation, organisations need to do anal-

ysis on external threats including an assessment of targeted

country for new business.

– Assessment of taxation policies and stability would be benefi-

cial in the long term. A weak and volatile political climate can

impact the long-term strategy of the organisation.

– The organisation should target the countries with established

and mature legal systems for longevity and stability.

– Before deciding on the new blockchain business in a specific

country, it would be a good practice to analyse the maturity of

core infrastructure (electricity, public transportation, internet,

etc.), availability of skilled human resources and employment

laws as it can have an impact on the business model.

– The organisation should invest on blockchain use cases in the

country which is favourable for new innovative companies and

have existing or upcoming policies to grow blockchain adop-

tion (Figure 6.5).