Blog

December 24, 2019Blockchain is a rising new technology and offers a lot of potential for businesses. But nobody really knows if and how they can use blockchain. This article will help you, with your Blockchain strategy development and shows you, which crucial points you have to consider. If you follow all the steps, you can develop a successful blockchain strategy.

“Best Blockchain Strategy Development: A Step by Step Guide” – Content:

1. Define business goals
2. Business Analysis
3. Situation analysis
4. SWOT Analysis
5. Define strategy goals
6. Blockchain Business Model Canvas
7. Define blockchain strategy
8. Execution Plan

Define business goals

So, it is important that you define your business goals. That is essential because the blockchain strategy is the way to achieve these goals. You should, therefore, be aware of what your goals are. Typical goals could be profit, growth, differentiation, cost savings, efficiency or new business markets.

Business Analysis

For the next step, you should analyze your business. It is important to find out, what your company is doing, what its needs are and what problems need to be solved. Based on this analysis, you can find out solutions to these problems. These are an important part of the blockchain strategy.

Situation analysis

With the situation analysis, you can examine the internal and external environment. This will help you better understand the company’s capabilities, customers and business environment. So this is the starting point for your blockchain strategy and helps you to understand exactly where blockchain makes sense.

SWOT Analysis

The SWOT analysis is a strategic method to uncover the strengths, weaknesses, opportunities and risks of a company. Thus, this allows you to identify where blockchain is an opportunity to drive business growth.

Define strategy goals

After you have followed the analytical basis and it is clear what your goals are, what your company’s needs are and what possibilities could still be exploited, it is important to define your strategic goals. Now this means, the goals you want to achieve with the use of blockchain technology. These could be, for example, new business models or new use cases.

Blockchain Business Model Canvas

The Blockchain Business Model Canvas is a strategic management tool to develop new business models or to analyze existing business models. So with this template, you can define your business idea and communicate the concept quickly and easily with others. You should take your time and think about the fundamental elements of your business or product.

Define your blockchain strategy

Thus, if you have followed all steps, you can develop a successful blockchain strategy based on the defined goals and with the help of the strategic methods. As a result, you will reach your goals and you are able to lead your company to enormous growth. It is important that you also keep an eye on resources and regulations.

Execution Plan

Finally, you should consider HOW to implement your strategy. An execution plan will help you with that. Therefore, you should plan the next steps to implement your strategy in time and correctly.

If you want to be informed about the latest updates, follow us on Facebook, Pinterest and Steemit.