Blockchain Adoption in Tech Companies – From Ideas to Action

Blockchain
technology
has
always
been
in
the
headlines
since
its
arrival
with
exclusive
benefits
for
businesses
in
various
industries.
The
most
important
trait
of
blockchain
is
the

distributed
ledger
that
records
transactions
in
a
secure
and
verifiable
way.
The

benefits
of
blockchain
also
include
easier
traceability
of
transactions
and
immutability
to
ensure
that
no
one
can
implement
unauthorized
modifications
to
transactions
on
blockchain. 

All
of
these
benefits
serve
as
the
primary
reasons
for
growing
blockchain
adoption
in
tech
companies
and
organizations
in
other
industries.
For
instance,
pharmaceutical
companies
have
used
blockchain
to
improve
supply
chain
management.
Tech
companies
such
as
Microsoft
have
been
developing
new
blockchain-based
solutions
for
data
storage
and
custom
applications.
Let
us
learn
the
best
practices
to
keep
in
mind
for
adoption
of
blockchain
in
tech
companies.

Build
your
identity
as
a
certified
blockchain
expert
with
101
Blockchains’ Blockchain
Certifications designed
to
provide
enhanced
career
prospects.

Discovering
the
Reasons
to
Adopt
Blockchain
in
Tech
Companies 

The
most
important
concern
on
the
mind
of
business
owners
in
the
domain
of
tech
revolves
around
reasons
to
adopt
blockchain.
It
is
important
to
note
that
blockchain
adoption
requires
significant
amounts
of
effort,
time
and
resources.
Tech
companies
must
find
answers
to
queries
like
“How
are
tech
companies
using
blockchain?”
and
the
benefits
of
blockchain
before
preparing
strategies
for
blockchain
adoption.
Business
owners
must
not
only
know
the
technical
aspects
of

how
blockchain
works
but
also
the
following
benefits
of
blockchain.

• 
  Smart
  Contracts
  Enhance
  Process
  Efficiency

The
foremost
benefit
of
embracing
blockchain
in
tech
companies
revolves
around
the
use
of
smart
contracts.

Smart
contracts
are
simple
programs
that
can
help
in
automated
execution
of
agreements
and
transactions.
Smart
contracts
follow
the
same
design
as
traditional
contracts
with
rules
and
conditions
that
must
be
fulfilled
to
execute
agreements.
The
combination
of
smart
contract
and
blockchain
technology
offers
the
opportunity
for
automation
of
various
conventional
processes
in
tech
companies.
With
the
help
of
smart
contracts,
you
don’t
have
to
worry
about
intermediaries,
paperwork
and
security
concerns. 

• 
  Better
  Transparency
  Leads
  to
  More
  Trust 

Blockchain
is
a
distributed
ledger
that
is
available
on
all
computers
in
a
decentralized
network
and
records
all
transactions.
Tech
companies
can
leverage
blockchain
technology
adoption
as
a
solution
to
streamline
workflows
by
improving
transparency.
The
transparency
in
product
development
lifecycle
in
tech
companies
not
only
increases
trust
in
product
quality
but
also
opens
new
avenues
for
product
optimization.
Blockchain
technology
ensures
that
every
participant
in
the
team
can
follow
all
the
steps
in
a
project.
The
transparency
offered
by
blockchain
technology
improves
the
flexibility
for
sharing
knowledge
between
teams
without
risks
of
unauthorized
intrusion.

• 
  Safety
  from
  Accidents
  and
  Fraud 

One
of
the
notable
advantages
of
adopting
blockchain
technology
is
immutability,
which
prevents
unauthorized
modification
of
data
on

blockchain
networks.
You
can
update
or
delete
information
from
blockchain
only
with
the
consent
of
other
participants.
The
assurance
of
cryptographic
security
with
public-private
key
encryption
also
ensures
that
only
authorized
participants
can
take
part
in
network
consensus. 

With
the
assurance
of

decentralization,
blockchain
ensures
that
no
one
can
take
control
over
the
network.
It
empowers
everyone
in
tech
companies
to
participate
as
equal
stakeholders
and
follow
rules
established
for
the
company.
Blockchain
can
prevent
accidental
breaches
in
supply
chains
with
its
distinctive
traits.
For
example,
blockchain
adoption
in
supply
chain
of
tech
companies
can
help
in
covering
all
steps
of
the
product
from
ideation
to
the
end
customer
usage.  

• 
  Freedom
  from
  Intermediaries 

The
examples
of
companies
using
permissioned
blockchain
networks
provide
a
clear
impression
of
the

advantages
of
decentralization.
Blockchain
does
not
rely
on
external
authorities,
thereby
reducing
costs
that
can
have
a
significant
impact
on
budget
of
a
company.
Tech
companies
can
validate
transactions
through
smart
contracts
without
the
involvement
of
a
trusted
intermediary.
The
transition
to
a
decentralized
approach
with
blockchain
technology
will
also
offer
the
opportunity
to
create
new
business
models.
Most
important
of
all,
tech
companies
will
not
have
to
encounter
issues
in
safeguards
for
transaction
data
by
adopting
blockchain.

Charting
the
Course
for
Blockchain
Adoption
in
a
Tech
Company

The
thought
of
implementing
blockchain
technology
in
a
tech
company
can
seem
like
an
impossible
task
in
the
beginning.
You
must
note
that
the
success
of
companies
in
blockchain
adoption
depends
on
the
roadmap
they
follow
to
embrace
blockchain.
Many
companies
believe
that
they
can
pick
any
blockchain
solution
and
advertise
it
as
their
next
big
blockchain-based
offering
to
their
customers.
On
the
contrary,
examples
of
companies
using
blockchain
technology
to
their
advantage
will
show
that
you
need
a
strategic
approach
to
achieve
success
in
blockchain
adoption.
The
following
steps
can
help
you
find
the
ideal
way
for
adopting
blockchain
in
tech
companies.

• 
  Recognize
  the
  Use
  Case

The
foremost
thing
required
to
adopt
blockchain
in
a
tech
company
is
the
use
case.
You
must
identify
the
problem
you
want
to
solve
with
blockchain
technology.
It
is
also
important
to
ensure
that
blockchain
is
a
better
and
more
efficient
solution
to
your
problem
than
other
technologies.
The
best
way
to
recognize
the
use
case
of
blockchain
for
your
tech
company
involves
learning
about
existing
processes
and
systems
in
your
company.
You
should
also
look
for
areas
that
have
bottlenecks
or
inefficiencies
that
you
can
solve
with
blockchain
technology. 

With
the
help
of
a
use
case,
you
can
ensure
a
focused

blockchain
implementation
strategy
alongside
resolving
the
pressing
concerns.
Tech
company
owners
and
thought
leaders
must
look
for
answers
to
specific
questions
for
identifying
the
ideal
blockchain
use
case.
The
first
question
must
focus
on
the
pain
point
that
you
want
to
solve
with
blockchain
technology.
You
must
check
whether
blockchain
is
a
better
solution
to
your
problem
than
other
technologies. 

The
next
important
question
to
identify
use
cases
for
blockchain
adoption
involves
learning
about
the
benefits
of
adopting
blockchain
technology.
Business
owners
must
also
determine
the
impact
of
blockchain
technology
on
existing
systems
and
processes.
Another
important
concern
during
identification
of
use
case
for
blockchain
technology
is
the
classification
of
data
and
approaches
for
its
protection
on
blockchain. 

• 
  Developing
  the
  Proof
  of
  Concept

The
Proof
of
Concept
is
the
most
crucial
requirement
for
blockchain
adoption
in
tech
companies
as
it
provides
evidence
of
the
feasibility
of
blockchain
technology
as
a
solution
to
specific
business
problems.
Proof
of
Concept
or
POC
is
a
trusted
solution
to
prove
the
usability
of
a
specific
blockchain-based
solution
for
tech
companies.
You
can
create
a
POC
with
the
help
of
a
prototype
that
showcases
the

application
of
blockchain
for
your
desired
se
case.
It
plays
a
vital
role
in
determining
whether
a
tech
company
should
invest
capital
and
resources
in
full-scale
blockchain
implementation.

Tech
company
owners
must
pay
attention
to
each
stage
of
developing
a
Proof
of
Concept.
The
process
begins
with
creation
of
an
outline
of
project
scope
and
continues
with
design
of
the
technical
architecture.
You
will
create
the
prototype
in
the
subsequent
stages
that
will
be
subject
to
analysis
for
making
improvements.
The
Proof
of
Concept
is
essential
for
blockchain
adoption
as
it
helps
in
testing
a
particular
blockchain
use
case
in
tech
companies
before
investing
resources
for
full-scale
implementation. 

Curious
to
learn
about
blockchain
implementation
and
strategy
for
managing
your
blockchain
projects?
Enroll
Now
in Blockchain
Technology
–
Implementation
And
Strategy
Course!

• 
  Select
  the
  Blockchain
  Platform 

The
next
step
after
designing
a
successful
Proof
of
Concept
involves
selection
of
resources
to
create
a
blockchain-based
solution.
You
have
to
consider
the
functionalities
offered
with
different

blockchain
platforms,
such
as
private,
public
and
consortium
blockchain
networks.
It
is
important
to
choose
private
or
consortium
blockchain
networks
for
tech
companies
as
they
operate
within
certain
boundaries.
Tech
companies
need
certain
levels
of
control
over
their
operations
and
private
blockchain
offers
the
advantages
of
blockchain
without
exposing
company
data
to
the
public. 

• 
  Begin
  the
  Design
  and
  Development 

The
answers
to
“How
are
tech
companies
using
blockchain?”
will
be
incomplete
without
describing
the
development
of
new
blockchain-based
solutions.
Tech
companies
have
to
define
the
technical
and
functional
requirements
of
a
blockchain
solution
alongside
specifying
the
communication
controls
and

consensus
mechanisms.
Another
important
requirement
in
the
development
stage
is

smart
contract
development.
The
development
phase
also
involves
creation
of
nodes,
configuration
of
consensus
mechanisms
and
smart
contract
implementation.
Tech
companies
must
also
pay
attention
to
functionality
and
security
testing
before
stepping
into
the
final
implementation
stage.

• 
  Implementation
  and
  Training 

The
most
crucial
step
in
adoption
of
blockchain
technology
for
tech
companies
is
the
implementation
phase.
It
can
entail
significant
changes
for
the
existing
business
processes
alongside
the
need
to
train
resources
in
the
company.
Once
you
have
implemented
a
blockchain
solution
for
desired
use
case,
it
is
important
to
monitor
whether
it
performs
effectively.
You
must
resolve
any
problems
identified
in
this
stage
with
updates
and
fixes.
Most
important
of
all,
tech
company
leaders
must
pay
attention
to
training
of
resources
to
overcome
resistance
to
adoption
of
a
new
technology.

Start
learning
Blockchain
with
World’s
first Blockchain
Skill
Paths
with
quality
resources
tailored
by
industry
experts
Now!

Final
Thoughts 

The
roadmap
for
blockchain
technology
adoption
offers
the
simplest
guide
to
embrace
the
futuristic
technology
in
tech
companies.
Any
company
working
in
the
tech
industry
has
to
stay
ahead
of
its
competition
with
the
help
of
new
technologies.

Blockchain
is
the
most
promising
technology
that
can
empower
businesses
to
prepare
for
the
future.
The
wide
range
of
benefits
offered
by
blockchain
gives
reasons
to
adopt
it
right
away
in
any
tech
company.
At
the
same
time,
tech
company
owners
must
pay
attention
to
specific
requirements
for
achieving
successful
results
in
blockchain
adoption.
Learn
more
about
the
other
important
considerations
for
adopting
blockchain
technology
in
your
business
now.