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Blockchain: The Challenges Of A Sector In The Process Of Professionalization

More than ten years after the birth of Bitcoin, which put blockchain technology in the spotlight, there is an urgent need to consolidate and structure the market to reassure the various players.

The cryptocurrency and blockchain industry continues to make headlines. After the bankruptcy of the FTX platform, the former number 2 crypto-currency platform, the concerns of the market and the various players are only increasing, which seems legitimate. However, we must remember that we are still at the beginning of this new revolution. 

Structure To Market

After the widespread enthusiasm for blockchain technology, which transforms how individuals and companies exchange and create value, restructuring and consolidating this market is essential and must take place. It’s a matter of survival, especially for traditional companies connected to the blockchain.

To wait for an innovation to be proven before launching is to risk leaving too late. Therefore, companies must structure themselves and establish a viable and “scalable” business model. Less than 25% of traditional companies are in the State of marketing their products. There is, therefore, a solid challenge to professionalizing the approach. The pure players, for their part, are further ahead. by 57% of 

Secure Data And Funds

As the blockchain industry grows, another challenge arises: securing supply chains. The players must respond to market concerns by proposing solutions to improve users’ capital security. The processing of the information collected must be transparent to prove the clarity of the procedures and activities.

The Ledger scale-up has taken up the subject. Its ambition is to store crypto-currencies on hardware to prevent virtual currencies from disappearing in the event of a player’s bankruptcy. 

Communicate To Attract And Retain

The other challenges of these companies are related to communication and marketing. By establishing a dialogue at the right level, with the right person at the right time, and on the right communication channel – the B to C market or the B to B, knowing that the latter represents the most significant potential –they will be able to stand out. 

The actors who manage to support the end user, to educate him will also necessarily be winners and will work to retain the customer in the medium term. The value proposition of each company will thus be better recognized. Those who are structured and moving towards professionalizing their approach will see their margins increase. The others will be faced with profound challenges to their business model.

Getting The Blockchain “Out Of The Sandbox”

It is the expression startups use to say it is time to move from experimentation to large-scale development. A revolution that requires lifting all the obstacles identified by the report without waiting for the blockchain to reach maturity: “most players are now ready to enter a new phase of intervention by the public authorities to establish a legal and regulatory framework that allows the full development of this new technology” notes the report. 

Seven working group recommendations “must be considered first orientations at the national level.” First, to promote interdisciplinary research and development work, particularly in formalization and security. Then: develop training without being confined to specialists, go beyond the need to train (good) developers by investing in the appropriation of complex systems, a necessary condition for developing uses. 

Finally, the report recommends contributing to the financing of software infrastructure projects to build “the public blockchain infrastructures of tomorrow,” supporting sectors of excellence or strategic interest – logistics, the fight against counterfeiting, traceability, banking and insurance, health – and to test, assess, train and equip within the public authorities, in particular by developing a unit of public officials with expertise in the field of blockchains, capable of intervening in support of the services of the State. 

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