History has shown time and again that the path of change is never easy. Revolution is always full of struggle and the corporate world has always struggled to implement new technologies. Time and again the market tests you and only the most persistent and tenacious ones survive.

The blockchain business struggle

It is known that there are numerous hurdles while introducing a new technology in our world and the same can be witnessed from the report of Forrester. It takes years of hard work and dedication to bring the best out of those years of struggle. But why the technology of blockchain is the hardest of all the nuts to crack among upcoming technologies?  

Reasons for higher risk of failure in the blockchain-based projects

The prime reasons can be – (a) the applications of the blockchain and distributed ledger technology is numerous but at the present stage of its development, it is compatible with usage in few workspaces and fields only; (b) Most of the blockchain service providers don’t provide compatible software. The other reasons are the difference in promise and delivery of end product for the users and the inexperience of executives in understanding, evaluating, and implementing the blockchain technology. This inconsistency can be due to several reasons like time constraints, cost, FOMO, and PR among others.

The root cause of problems

The problem starts at the root with corporates not expecting a tedious and ruthless aspect of a booming tech. Nasdaq’s senior vice president and head of product management for the market technology, Magnus Haglind in a talk with Bloomberg was reported saying, “The expectation was we’d quickly find use cases, but introducing new technologies requires broad collaboration with industry participants, and it all takes time.”  The truth of the market is very harsh where 51% of the market is capitalized by tech giants like IBM and Microsoft. If either of the firms fails, it will directly impact the other player.

#VerusID is still the only self-sovereign identity in any L1 blockchain protocol with built-in multisig, revocation, and recovery. VerusID provides a foundation for cross-chain, currencies, new business models, voting, and more. Read the last image second and the second one last. https://t.co/0AeFEZFm2a

— Michael Toutonghi (Mike.vrsc@) (@MikeToutonghi) April 24, 2022

Expert’s advice

The blockchain is one of the most disruptive and transformative technology and corporates should evaluate every decision with deep insight and understanding of the product, customers, market, and their own position. The point is not to give up or abandon the project, rather, take it as a challenge and evaluate every move.

Also, read – The new age blockchain-powered phone

Martha Bennett, Forrester’s Principal Analyst,  makes the distinctions between business-critical ventures and vanity projects; “Those who persevere with their blockchain initiatives are not only aware (sometimes painfully) that the technology is still at a very early stage of development, but also understand that this isn’t really about technology, but about business. This is what sets them apart from those who follow the siren call of tech industry promises without sufficient grasp of what a blockchain network is all about, both from a business and a technology perspective; the resulting vanity projects will invariably fail.”

To survive the pains of failure and taste success the budding businesses would have to face many winters to enjoy the sunshine. The competition is becoming stiffer with globalization and the increased market capitalization of big players. The blockchain world not only needs innovators but also businessmen who would be persistent to survive the race.