Established blockchain companies that were once newly formed have discovered that success does not come easy.
In order to be a recognised outlet that has created a thriving peer-to-peer network, certain hurdles have to be overcome.
Rather than shying away from the challenge, these issues have to be confronted directly and planned accordingly.
Here we will discuss what obstacles have to be overcome and how a new blockchain operator can achieve success when they have the initiative and understanding of the industry at large.
Developing a Healthy Brand Culture
What might sound like an obscure, intangible target for newly formed blockchain companies is to develop a healthy brand culture. This is a talking point that covers a number of subjects, from the drive to succeed to pathways for developers to reach new positions, leadership infrastructure and means of procuring investment, there are key principles that will want to be established from the outset of the organisation’s beginnings. There are consultancy firms and professionals at hand who can advise participants on establishing a positive workplace culture, but this is a day-to-day focus that has fingerprints across all aspects of the business.
Managing Operating Costs
It is an expensive exercise for established blockchain companies given the intricacies of the technology. While these costs should be easier to manage as the infrastructure develops, the need to craft a critical mass of nodes in the network will impact upon the bottom line. The more advanced the system, the greater the need to access mining hardware that can handle the demand. This is where the investors and stakeholders come into play, offering resources that can deliver an efficiently operating blockchain model that will be sustainable.
Securing Data & Privacy Information
The need to save sensitive data that is stored on the network is a central priority for any of the blockchain companies that exist in the marketplace. From safe and secured access to the ledger to software updates that provide a sustainable operating model and a customer service apparatus that allows customer to deal directly with cryptocurrency specialists, these provisions cannot be ignored.
Accessing Expertise & Intellectual Property
From small startups and silos to developers and investors who are trying to get in on the ground floor, emerging blockchain companies can quickly be swept away with the technology without having the inherent knowledge necessary to make the endeavour successful. Whether it is staying in tune with industry thought leaders who provide guidance and leadership on the subject to educating stakeholders about the risks and opportunities to staying informed about fresh developments, it is fundamental that the direct participants of the brand have a level of awareness and understanding for the practice. Gaps in this knowledge will create errors and oversight that can be too costly to recover from.
Adhering to Laws & Regulations
Even for the most honest of newly formed blockchain companies, the capacity to adhere to laws and regulations handed down by government bodies can be a real challenge. This is not due to any desire to flagrantly dismiss them or to run an illegal operation, but merely because they can be imposed over established technologies that did not have the foresight to see them coming in the first place. There is a lack of understanding in large part with many of these government institutions, wishing to pushback on a decentralised system that hands over control.
It is a fact of life that newly formed blockchain companies will experience hurdles and struggles along their path to success. Yet if they have the right level of leadership, expertise and resources to address these issues, then they will be well placed to develop their brand and expand their market reach.