Blockchain case study  221

Strategy formulation

The strategy formulation process can begin once a deep dive has been com-

pleted about the organisation, that is, IOSpeed in this case. We will review

all the work completed as part of IOSpeed organisational analysis through

various strategic models and start the strategy formulation process.

The following are the steps in strategy formulation. These were also

explained in detail in Chapter 6.

Setup vision and mission for IOSpeed

Throughout the organisational analysis, it was decided to set the following

vision and mission of the IOSpeed organisation.

Vision

Make affordable ART reachable to anyone globally.

Mission

Connect artists and customers globally through Blockchain technology,

providing efficient, secure and transparent marketplace.

Vision and mission are required to define the existence of IOSpeed in the

society. The strategy should be in alignment of vision and mission state-

ments of IOSpeed. The next steps are to assess how external and inter-

nal environments could affect IOSpeed and what measures are required to

transform the organisation to be competitive.

Understand the external environment and our position

IOSpeed faces multiple challenges as well as some favourable factors against

the competitors in the market. To become more competitive in the market,

it is essential to have a deep insight into the external environment and carry

out an assessment of the IOSpeed current position. The following is a list of

some of the external factors that might impact the strategic goals:

• Blockchain regulatory and legal frameworks are still not mature and

continuously changing. Regulators are still educating themselves and

reviewing the impact of blockchain and how it will impact the current

financial system. The financial sector is already very complex; how-

ever, the regulation to control them have matured throughout mul-

tiple decade journeys. IOSpeed needs to watch the regulatory rules for

blockchain very closely and also make relationship with local regu-

lators to make sure that they get a chance to review and contribute