What Blockchain means for you and your customers
By Jas Sidhu
5 minute read
It’s that time of the year again, where we take on an upcoming tech trend and try and help you understand what it really means for your customer value proposition.
Last year we tackled Open Banking, this year we are turning our attention to the wonderful world of Blockchain.
Before we begin, are we all comfortable with what Blockchain is?
Let me ask you another question, do you know how your wine is made? Does that affect the taste, and your ability to enjoy it?
For those of you that are ethical consumers, I hear you, but for everyone else, it’s a no, right?
Just to remind you of our favourite tagline: “Don’t let the tail wag the dog” … or in our case “don’t let the tech wag the business”
Understanding the inner working of the technology should never outweigh an understanding of the customer and commercial value proposition. For most of us, knowing the detail on how blockchain works shouldn’t be the focus, understanding the potential value levers and key benefits should be.
So, bearing that in mind, let me ask you again... Are you comfortable with what Blockchain is?
“Well I know it’s something called a distributed ledger technology that will allow me to: add security, speed and accuracy to my supply chain, bring transparency and fairness to processes, and build trust and truth in my data”
There we go, we are all up to speed. I should warn you now, if this is not enough detail for you on how blockchain works, or what it is, then this isn’t the right article for you. We are here to talk about end user benefits and connecting the dots to commercial value. Not what you are interested in?
Then can we suggest you check out the awesome blog below on the nuts and bolts of blockchain.
So, to carry on, why should we all be getting excited about the customer and commercial value of blockchain?
We live in a world of eroded trust with institutions:
- Publishers and platforms misusing our data and influencing our decision making
- Financial organisations and governments hiding fraudulent actions
- Retailer and beauty brands using harmful ingredients or unethical practices
Generally, we just don’t feel institutions do the right thing by us as consumers.
What’s more, as businesses, we are in a constant battle to keep up to date with tech disruptions and meet consumer expectations set by the way they interact with technology, rather than the way they interact with an industry or service.
At a capability level, Blockchain has the potential to drive better supply chains, processes and data collation. However, it can go beyond operational efficiency and provide a platform for: speed and accuracy, trust and transparency, and fairness to any sector challenged by technology disruption or eroding consumer trust. The perfect customer and commercial intersection.
Now, we know what the opportunity could be, let’s think about how we might put this into practice. Put simply, we have put the end user benefit back at the heart of your decision-making in the simple decision tree below.
Still not sure how to consider the revolutionary potential of blockchain within your organisation?
Here’s one simple question to ask yourself: If I could make one aspect of my customers life better, what would it be? Once you have the answer to this question you can consider the ways blockchain can deliver that for you. Or, more importantly, for your customer.