The capabilities associated with cryptocurrency, and more so the blockchain technology are endless. Cryptocurrency is futuristic and as such, it is strategic both financially and investment-wise to implement cryptocurrency in your business transactions. However, before implementing the technology into your business activities, it is essential to conduct an analysis of your current business infrastructures to evaluate your business’ readiness for the transition. Further, it is crucial to ascertain whether or not there are any limitations in your country/region pertaining to prohibitions associated with cryptocurrency transactions.
Cryptocurrency is disruptive in nature and as such, ensure that your business, as well as the involved stakeholders therein are ready for the disruptive nature of the technology in your business. Essentially, when developing a roadmap and strategies for the implementation of blockchain in your business, ensure that key fundamentals are in place.
Here are key issues to address when setting roadmaps and strategies for the implementation of cryptocurrency in your business.
Step 1 –Assessment
1 Is Cryptocurrency for solving your business issues?
2 What would be the impact of cryptocurrency on your business?
3 Does your business need blockchain?
4 Are your business stakeholders willing to move on in the new technology?
5 Does your business model have potential for higher interparty transactions?
Step 2 – Readiness
6 Is your business structurally ready to implement cryptocurrency?
7 Are your customers, partners, and stakeholders familiar with the blockchain technology?
8 How can your business prepare for crypto’s long time sustainability?
9 Do you have the resources to upgrade your infrastructures for crypto’s implementation?
Step 3 – Selection
10 Which crypto is most ideal for your business?
11 What is the market cap of your selected crypto?
12 What is the coin’s potential in terms of the number of transactions?
13 Does the selected coin impact strategic choices in your business?
Step 4 – Implementation
14 What are your choices for implementation?
15 Have you considered the organizational and regulatory issues?
16 Does the crypto pose risks of non-compliance?
17 Can your business’ ecosystem and capabilities allow for the transition to cryptocurrency?
Step 5 – Integration
18 Will integration affect your business model?
19 Are all teams in your organization on board with the integration of cryptocurrency?
20 Have you evaluated the crypto’s scalability and privacy?
21 Does your business possess the skills and capabilities to handle the transition?
22 Would integration of cryptocurrency lead to the re-designing of certain processes and workflows?
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