Blockchain: Adopt Slowly, Scale Smartly
Blockchain is often considered to be a complex technology appropriate only for large tech firms or crypto enthusiasts. That’s a myth.
Businesses in India have had to navigate several changes in the past few years because of some systemic changes and digital revolutions. First came GST, then UPI, and currently, the adoption of artificial intelligence (AI) is in full swing.
Now, blockchain is emerging as the next big thing because it has the potential to dramatically change the way companies work by providing enhanced security and transparency, reducing overheads, and adding a layer of decentralised trust.
Its benefits are indeed significant, and we will tell you in a moment why it matters, and how your business can adopt it.
But first, let's talk about…
The Perils Of Change
Every structural change or adoption of a new technology usually brings some short-term chaos in its wake. Blockchain isn’t an exception. Hence, if the thought of incorporating it in your business is making you nervous, you’re going to like what we have to say:
First, you do not need to overhaul your entire setup or hire an army of techies in black hoodies sipping matcha to run the day-to-day operations on blockchain.
And second, blockchain is not here to disrupt your enterprise. Rather, it aims to bring together the disparate pieces that cause delays, lead to disputes, or create data gaps that waste time and money.
Building Block By Block
Blockchain is often considered to be a complex technology appropriate only for large tech firms or crypto enthusiasts. That’s a myth.
The reality is that organisations of any size can benefit from it.
Let’s look at an example of how a small company can use blockchain to improve their operations, cut costs, and build trust.
You are an exporter of mango pulp, and your client in Brussels insists on third-party certificates, temperature logs, and even a selfie with the cargo.
Clearly, the importer is asking for these details because he doesn’t trust you and your process.
To prove you are a credible and trustworthy supplier, you have to spend money and time. If the client is not convinced even after all your efforts, the whole deal might go for a toss.
Changes With Blockchain
Let’s suppose you already have blockchain integrated in your system. Now, every step—packing, quality checks, transit temperatures, and customs clearance—is getting recorded on a blockchain.
As a result, when your client scans a code, he sees the whole journey, and pays up without raising any doubts or questions.
Simply put, blockchain is an immutable shared digital ledger that records transactions and tracks the assets within a connected network. Once data is entered in the system, nobody can tamper with it.
In short, you may also call it a single source of truth.
Go The Whole Nine Yards?
Unless you’re some IT unicorn, you don’t have to go full blockchain. In other words, start small. Here are some ways you can do that:
First, start with a pilot project where you run a blockchain trial for all your invoices. Or, you may apply it to just one export assignment.
That’s what Indian ports and spice exporters are doing. You may also do the same, and depending on the results you get, you may want to expand the scope of inclusion.
There’s another way. You can onboard some partners that can help your business plug in to the blockchain ecosystem without you having to reinvent the wheel.
One such platform is AlgoBharat, an initiative by the Algorand Foundation, aimed at fostering blockchain adoption across India.
Final Words
The incorporation of blockchain doesn’t need you to take a big leap. Just start small, get a partner, and take manageable, baby steps.
Remember that despite all the changes, you’re still in control. Blockchain won’t make your employees redundant, obviate the need to maintain your books, or replace any other tools you currently use.
Using blockchain even as a small player, you can cut costs, improve efficiency, and prepare your company to compete on a level-playing field with the big boys.
And all of this without wearing a black hoodie. Though you can drink some matcha.
This series is brought to you in partnership with Algorand.
