Coinnewsextra organized its first virtual panel discussion hosted by the CEO, Lee on the 9 April 2020.
Present for the discussion were Taha Sajid, a Blockchain professional and a technical director for Huawei and Jessica walker, Financial Journalist and head of media for AIBC and SIGMA summit. From their experience and expertise, they discussed how a business can be built around Blockchain space.
The discussion has been carefully summarized below:
As a business owner, what should I do to start a business around Blockchain?
The most important thing is to identify if your business needs a blockchain technology that has a potential required by your company structure.
“That’s about building a co-team; people that can implement the Blockchain technology properly and successfully,” said Jessica. “you need to grab fantastic development on board; you need to build your network”
“you need to identify things that are necessary then you build a co-team and then you mark the product”
“Identify a use case and if your business can be solved only with Blockchain.”
“Once you have identified this, map a business case around it; whether you will be able to attain the profit or whether you will be able to solve these challenges.”
Map the benefit of Blockchain and the fundamental part that will solve your problem. Then generate profit that will be used to solve the use case and the customer’s problem.
Also, you need to select the kind of platform you will use, an either public or private Blockchain platform. After having all things set, you then work on the licensing and development of your business.
What is the benefit of building a business around the Blockchain technology?
The benefit of building a business mostly for large business models are:
– Having certain data on Blockchain will be beneficial. It will be more secure for end-users.
– Blockchain is needed for start-ups that are finding it very difficult to solve a problem with other technology. As a start-up, try other technology before building a business around Blockchain.
– Depending on your existing market type, using Blockchain against existing technology can be beneficial.
Blockchain is very beneficial but it depends on the area of application and the state of the application.
There should be disadvantages; then what are the disadvantages?
Some of the Disadvantages provided are:
– Possibility of not getting enough investment or not getting enough go ahead in the regulator point of view.
– Cost: To set a business around Blockchain requires a lot of funds.
– Launching of the product can be slowed down due to regulator action.
Is Blockchain useful in every sector of the economy?
Taha in response to this question said:
“It depends upon how you perceive the thing; it can be yes or no.”
“…you can find a limited Blockchain use case in every industry but it depends on how you make your things work. It depends on your business model; it depends on a lot of things.”
The main thing to consider before using Blockchain in any sector is the problem you want to solve. Is Blockchain needed for the problem or any other technology?
Jessica said, “Blockchain has the potential to positively impact every aspect of the economy.”
Every sector needs a Blockchain solution but it depends on the type of business in each sector.
ADVISE TO COMPANIES AND PEOPLE THAT ARE YET TO ADOPT THE BLOCKCHAIN TECHNOLOGY
“With this COVID-19 pandemic, a lot of people are working from home; a lot of people are having more time on their hand. Also, we are seeing more conferences moved to virtual or digital conferences.”
For people or business that are trying to understand the Blockchain or move into the Blockchain, gather more information about Blockchain during this period. There are various online courses you can take and various virtual conferences you can attend.
Taha said, “there is room to look into things, to explore a little bit more, to see how it can apply to your company.”
The Blockchain is very approachable and very open to information. The more people you ask, the more information you get; the better you would be. “Focus on how you can utilise the maximum out of this time. Try to update your skills with Blockchain technology,” added Taha.
After working on your skills and yourself, you need to work on your product idea that is driven by real problem. Envision yourself on how you can contribute to the industry and then build your team.
Watch the full video interview below