The potential and value of blockchain technology has generated mixed reviews. While IDC and Gartner have predicted it to significantly contribute to digital transformation capabilities for businesses, Gartner has also predicted that “by 2021, more than 90% of current enterprise blockchain platform implementations will fail or need to be replaced in a 18 months period”.
Because of the technology still being in its infancy, particularly outside of the financial services sector, expectations of its capabilities are constantly changing.
Blockchain expert, Lina Lim, explains that the technology is exciting and one to watch, but should not always be considered the go-to answer to a business problem.
Lina explains, “Business leaders need to ask themselves – ‘What is the business opportunity here? What is the value you’re adding to the business, and is there an actual business problem that can be solved here?’ Not every solution requires blockchain to make it effective.”
With experience working with both large enterprises and lean startups, Lina explains that the challenges are greater for established businesses, but they are not insurmountable.
She says, “It’s about collaboration. Lots of businesses have legacy processes and infrastructure. It’s a journey for them to re-think how they’ll change.
“Lots of enterprises are looking at what the product will bring in terms of tools and mechanics. People are seeing blockchain as decentralised, but they need to see it as distributed first.”
For international organisations, Lina warns that market-specific cultural differences and business customs must be taken into consideration before cementing a blockchain approach.
As well as the unique market regulations and legislation to navigate, business leaders need to also consider the impact of government subsidies, industry focus, the impact of religion on professionals’ social consciences, attitudes towards small business versus enterprise, geographical dispersion and more.
Lina adds, “Every country and community is unique. I always focus on how I can be relevant to each market and each of their needs.”
About the expert
Lina Lim is Managing Director & Co-founder of Tempus Adventus Advisory, a boutique strategic advisory consulting and ventures company that focuses on educating, promoting and implementing emerging technologies, such as Blockchain and Distributed Ledger Technology in the capital and financial market, and sustainable finance.
She is passionate in bringing and advocating creative and innovative financial technology adoption, in particular to challenge and solve the problems for greater and more distributed, and inclusive wealth access for everyone. Her projects involve and focus in the development of fairer financial markets in the emerging and frontier markets, fintech, impact investing, financial inclusion and social impact, and empowering women leadership and contribution in finance and technology.
Lina has over 20 years’ experience as Technology Executive leading and delivering on business and technology transformation projects in global and international capital and financial market infrastructures and participants in Australia, Asia Pacific, and Europe, with her works at Nasdaq, Macquarie Bank, and National Stock Exchange of Australia (NSX).