Blockchain strategies  183

Blockchain strategy formulation

Strategy formulation is an art and involves a lot of deep dives and research

on various factors as highlighted in this chapter. Once multiple strategic

models have been applied to assist in assessing organisation internal and

external factors and its position within the market, the next step is to for-

mulate the strategy. In this section, we will define a framework to formulate

the strategy for an organisation.

Set up vision and mission

It is essential to set up an organisation’s vision and mission as part of strat-

egy formulation. It is also as important to communicate it internally and

externally. They define the organisation values, purpose and where it wants

to become in future. Without vision/mission and the organisation’s strat-

egy, its existence is incomplete and has potential to fail.

Vision

Vision describes the future desired position of an organisation. Vision defines

an organisation’s purpose, goals and values. For instance, an organisation

with a blockchain business model might define its vision as ‘To accelerate

Blockchain adoption in the world’. The vision of the organisation often does

not change as it defines where the organisation would like to reach in the

future. The vision statement defines the why? for an organisation.

Mission

Mission describes an organisation’s business, objectives and approach to

reach those goals. Mission defines the actionable objectives and approach

to reach them. The mission of the organisation is set up to achieve organisa-

tion vision. The mission statement defines what? and how? for an organisa-

tion. For instance, an organisation with a blockchain business model might

define its mission as ‘Create the sustainable, energy efficient, transparent

and secure Blockchain technology products in the world’.

Understand the external environment and our position

As per the insights gathered from multiple strategic models discussed in the

above sections of this chapter, we are aware of the importance of the exter-

nal factors and their impact on the organisation strategy. All the insights

collected through Porter’s five forces, PESTLE and SWOT models can be

used to formulate various strategic objectives and goals. This analysis can

also rule out the objectives that might not be successful, without going

through some form of transformation to improve the weaknesses of the

organisation and improve its competitive advantage. Knowledge of an