In August 2017, Gartner predicted that blockchain’s business value-add will grow to $176 billion by 2025. There is no doubt that the adoption of blockchain technology is spreading like wild fire, however the question still remains if users understand the value of these new blockchain service offerings that corporations are racing to roll out. In order for blockchain technologies developed by enterprises to impact the bottom line, companies must first educate end customers about the added benefits it brings to the table.
Examples of in-house blockchain capabilities
Remember Kodak Coin? This is a great example of how Kodak utilized blockchain technology to create a new service offering that solved one of the photography industry’s biggest problems – management of digital rights. While only time will tell if Kodak’s utility token takes off, the company was effectively able to communicate how
using blockchain technology would allow for the proper tracking, accreditation and usage of artists’ photography, enhancing the current professional photography landscape
Chronicled is another example of a company that implemented blockchain technology to effectively solve a problem hindering corporate America – contracts and legal documents. Chronicled uses automation and digital signatures to create a unique digital identity for physical items and digital documents alike. This service effectively manages version control of documents as they fly back and forth being edited, marked, and updated by each user along the way.
How companies can better communicate the added benefits
Communicating the value of blockchain to end users is not as challenging as it may seem. While some applications of blockchain may be more complex than others, there are a few simple steps companies can take to ensure the value of their blockchain capabilities is effectively communicated.
1. Establish the enhancement or solution blockchain is providing.
This can be done in a simple problem-solution format. Address a current industry problem or pain point and state how blockchain can alleviate it. Take Kodak for example, photographers’ work often gets reused again and again across the web with improper or no accreditation at all, the company created a solution to prevent this – the solution just happened to be blockchain.
2. Provide resources
Many services are beginning to integrate blockchain technology, ironically the end user may never know even if it provides a major benefit to them. With blockchain commanding such a buzz in the media, it is best practice for companies to provide resources that further explain how their technology is leveraging blockchain and for what purpose. Acting as a resource and providing transparency can go a long way in building trust with customers, especially with an emerging technology that is not widely understood. The best way to provide these materials is through everyday channels; social media campaigns, blog posts and white papers, for long-format type collateral.
3. Continue the narrative
Launching a blockchain offering shouldn’t be set-it-and-forget-it. Companies need to continue to educate end users through marketing collateral, website content and media outreach. Blockchain technology is here to stay, so integrating its use, purpose and value-add throughout a company’s narrative is key to normalizing its existence with consumers.
It’s hard to imagine the internet was once a foreign concept. Blockchain technology is rapidly evolving and likely to be as wide spread as the Internet is today. Companies that are able to effectively adopt and communicate the value of blockchain will be positioned to lead their respective markets and gain a first-mover advantage. The key to success —don’t over complicate communication efforts: address a problem and explain how blockchain is providing a solution.