The U.S. meat industry, Apple supplier Foxconn, imports from China, the construction sector in the U.K., and failing IT systems are just some of the stories where business processes have collapsed under the pressure of COVID-19. With inefficient infrastructures, businesses have struggled to collaborate, highlighting the need for digital transformation. As companies and industries experience new challenges and gaps in their processes in the wake of COVID-19, how is your organisation going to adapt to avoid being left behind?
According to the World Economic Forum, the pandemic has revealed a “general lack of connectivity and data exchange built into our global supply chains.” Continuing, the WEF said that the health crisis should be an opportunity for sectors to build transparent and interoperable networks, in an effort to continue to support global efforts to tackle the virus. For companies that still have lingering doubts over the value of the blockchain and how it can improve the transparency of business, the WEF said: “We should look at this healthcare crisis as a vital learning curve that can show us how to build transparent, interoperable, and connective networks.”
From food to pharmaceuticals, to real estate and transport, the path toward digital transformation shows why blockchain is important to consider for your business.
Business Survival Amid COVID-19
In order for a business to survive, a risk management plan is in place for a number of eventualities. However, in the case of the Coronavirus pandemic, the strains caused by it were almost impossible to predict. With plans rendered useless and weaknesses exposed, what it has shown is a need for change in the way our systems work.
As supply chains, health systems, administrative and support, transportation, storage, information and communication, and real estate, struggle to share information safely and securely, the only way for them to survive is by accelerating collaboration between organisations with immutable records. With blockchain technology, Company A can rest assured that Company B and Company C (and whoever else is involved) will have all the data they need (and vice versa) without it being tampered with, owned by a central authority, or maliciously attacked.
Such is the importance of why blockchain matters during these unprecedented times that a report from research firm International Data Corporation (IDC), said there will be a 60% growth in European enterprise blockchain in 2020, despite COVID-19. The IDC further pointed out that while there may be fewer exploratory projects focused on blockchain, the technology could alleviate the effects the pandemic is having on supply chains by breaking down data silos and guaranteeing enhanced security.
If you haven’t considered the benefits of digital transformation for your business, weaknesses within global trade due to Coronavirus may be the push you need. Your business needs to work rapidly, be able to collaborate with others at a moment’s notice, and know that when you’re sending critical information across networks, that data isn’t going to get corrupted. Blockchain technology is emerging as an in-demand solution owing to its security features and its ability to cut out the middleman while negating issues around trust and ownership.
According to the WEF, the “visibility, traceability, and interoperability” of blockchain platforms, which can better connect and fortify networks, will be important to kick-starting economic recovery post-COVID-19.
The Need for Digitisation Is Clear
COVID-19 highlights the interconnectedness of our world. Unfortunately, the pandemic has exposed many businesses and has shown that they don’t have the technology in place to navigate through the crisis.
Digital transformation is the answer and blockchain technology is an important element of this. Through custom blockchain solutions, your business can unlock the benefits of the technology: connected, collaborative, and interoperable networks.
We at Protokol believe we’re best positioned to assist your business. At a time when digitalisation and resilience are focal points for your business, we can help you achieve these via our custom blockchain solutions.
Through our ability to work with multiple blockchain platforms and frameworks, we bring your use case to life, adding real value to your business and delivering a measurable return on investment. By working with your existing infrastructure we ensure that the integration of blockchain technology into your business is made easy. Not only will this accelerate collaboration between the companies you work with, but enhanced security will give your business the confidence it needs to share information safely and securely.
Our range of consulting and custom development services provide everything your organisation needs to integrate blockchain solutions into your business.
Take the first step today and let Protokol show you how blockchain technology could help to digitise processes and increase resilience in your workplace. Book a free consultation with our blockchain experts and let us show you why digital transformation and blockchain technology matter to your business.