How can tech leaders prepare for blockchain-based digital disruption?
ublic demand for blockchain use cases has exploded in the past year, especially around the adoption of non-fungible tokens (NFTs), cryptocurrency and decentralised finance (DeFi) through enterprise applications. Indeed, Gartner predicts that by 2024, at least 20% of large enterprises will use digital currencies for payment, stored value, or collateral.
With blue chip payment processors such as Visa, Mastercard, PayPal, and Square leading the way and supporting forms of cryptocurrency transactions, enterprises have increasingly taken notice. Many are embracing these new applications as they seek to extract value from new business models and the processes which they enable.
There are, however, risks attributed to the integration of enterprise applications needed for digital currencies – ranging from volatility to a lack of legal protection and regulatory clarity – especially for those more inexperienced organisations. And with enterprises, particularly application leaders, under pressure to embark on the blockchain journey in 2022, businesses must agree on use cases and follow several key processes to ensure success.
Use cases for blockchain in 2022
First, for any organisational adoption of blockchain, the initial step is establishing use cases, often boiling down to three potential applications: stored value, payment, and leverage for high-yield investments available in DeFi. Leaders should next select solutions corresponding to these applications.