Addressing Key Challenges to Making Enterprise Blockchain Applications a Reality
Study: Addressing Key Challenges to Making Enterprise Blockchain Applications a Reality
Many enterprises have not progressed their blockchain solutions beyond proofs-ofconcept. Daunting managerial challenges in the areas of standards, regulations, shared governance models and viable ecosystems impede progress. We describe the strategies that LO3 Energy, Moog, Inc. and the Center for Supply Chain Studies are pursuing to address these challenges.
Blockchain adoption frequently promises more value than what is delivered. Challenges include identifying standards, government regulation, governance models, and ecosystem viability. A study of three organizations reveals their strategies for successful adoption.
How it was studied:
Five key questions should be asked when considering a blockchain application:
1. Is a blockchain the right solution?
2. How are blockchain standards being established?
3. How can a blockchain solution comply with legislation given the regulatory uncertainty?
4. How should a blockchain solution be governed?
5. How can a viable ecosystem be established?
Daunting challenges in blockchain standards, regulations, shared governance models, and viable ecosystems impede progress. There is currently a gap between the business value that is promised and how much is delivered. Lacity describes the strategies that three organizations are pursuing to address those challenges. The organizations are LO3 Energy, a startup; Moog, Inc., a traditional enterprise, and the Center for Supply Chain Studies, a nonprofit organization serving as industry consortium coordinator. Answering the five questions above can help managers know whether their organizations should lead, be fast followers, or take a slower pace in exploring enterprise blockchains.