Blockchain is here to stay — no matter what your stuffy old financial advisor says. The road forward is pretty rough though, we’re not going to lie; it’s especially rocky because there’s so little adoption of blockchain-based technologies outside of very strict fintech settings. The truth is, though, that enterprise adoption can and will take blockchain startups on the ride of their lives.
The types of benefits that blockchain startups and enterprise-level companies can reap from teaming up in this manner is something that you might not have put too much thought into before now, but we’ve got a number of reasons why blockchain and enterprise adoption is the team-up you never saw coming — and the one you never knew you needed until now. In fact, here’s why.
Enterprise blockchain projects, when cooked up and kicked off, are almost always successful if the two entities are interfacing together in new and innovative ways. A blockchain-based business network can take a number of different forms, after all, and whether you’re putting together a non-profit, a governing council, or some other type of consortium, you need a number of cooks in the kitchen and they all need to work together. With businesses usually more competitive than collaborative, that can be a major hurdle to overcome.
Yet network-building tends to work much more successfully when it’s a collaborative effort. Instead of a unilateral approach where you have a single founder that then attempts to recruit partners throughout the process, using an approach that involves one corporate entity combined with one startup enables networks to be built much more easily. With no competitive, adversarial relationship to overcome, and with both a blockchain startup and an enterprise-level business bring different resource and skill sets into the mix, the results are much more smoother.
Blockchain Startups are True Believers When It Comes to Network Success
There are other challenges that need to be dealt with when you have a founder-led network that’s spearheaded by one large business. In this instance, projects tend to fall between the cracks alongside any number of initiatives that a large company may be pursuing at one time. Blockchain-based endeavors, meanwhile, are still so potentially disruptive and face so many implementation challenges that a corporate partner may lose enthusiasm on such a project, because of this complexity, well before it’s been completed.
So where to startups come in? The singular, driven focus that blockchain startups have is close to fanatical. Blockchain startups are True Believers, dedicated to bringing a network to full viability because they have nothing else on their agenda besides getting it up and running. With no other corporate projects that need their attention — and with the life or death of the company resting on the success of the network itself — a startup is completely dedicated to getting things right the first time. Optimized staff sizes and higher levels of motivation mean blockchain startups have the power to grind on through the tough spots without giving up, producing results more efficiently.
When “Hurry Up and Wait” is a Good Thing
So blockchain startups are unerringly focused on getting the job done no matter what and corporations are positioned to take methodical, slow-grinding approaches. This seems like combining the two together is a disaster waiting to happen, but the fact is that these seemingly diametrically opposed approaches dovetail together quite well when it comes to building blockchain networks.
Smaller, agile startup teams are highly adaptable and attract high-quality resources as a result. Enterprise-level businesses are by-the-book, with policies and processes that need to be followed. The combination of these two approaches means that an overly moribund enterprise can benefit from the unerring drive of a startup, while a startup can benefit from the kinds of quality control, resources, and attention to detail that corporations use to fine-tune product releases into polished gems.
Fast Scaling Leads to Market Dominance
It’s pretty obvious at this point that each blockchain use case will have only a singular business network. This is, more or less, a foregone conclusion, thanks to competitive market pressures leading to a fight for primacy — a fight that’s one by aggregating transaction volume and network participants in the quickest and most efficient manner.
Corporate-startup team-ups enable this process in ways that are simply impossible otherwise. Both blockchain startups and enterprise-level businesses harness the power of their respective spheres in order to drive adoption in ways unique to each, exercising methods that are the most effective. Combining these two approaches together often results in the fast scaling needed to drive a blockchain network to market dominance.