ecosystem

What is Blockchain really about? and How do I use blockchain for businesses? There is a lot of media and industry hype around blockchain at the moment, especially as BitCoin, the first big POC (Proof of Concept) has exploded from 1/1000th of a cent and now pushing $10,000 each. Can you use Blockchain for your business outside of investing in Bitcoin ? Firstly read our primer post on Blockchain if you want it demystified in a few minutes. Otherwise here are our insights on incorporating Blockchain for your business:

So how do I use blockchain for business  ?

Like all new technologies we’ve written about in the past decade, the balancing act of jumping in and getting value for business before a technology is saturated is always a valuable question. Basically – can your business benefit from X ? (where X is SEO, Social Media, SEM, Mobile Apps etc etc).

First – never get in on hype alone, get in because it makes economic sense. Getting in on the buzzword alone and it working out, you may as well buy a lotto ticket; a lot less of an investment for a relative chance of return. Also unlike a lot of these other Xs, Blockchain for business has a high barrier to entry. So can you use this for business?… Simple case is transferring money internationally and wanting to save on the currency exchange rates / fees – play it safe – start with a trial and figure out if it is worth it; expose the risks.  High chance (excluding your work to setup the transfer) you’ll save using BitCoin as long as the value doesn’t tank during the transfer window.

I wouldn’t call trading Bitcoin a business strategy any more than share trading does – it can form part of your investment portfolio. Same goes for any IM that you’re pitched with Blockchain or AI (Artificial Intelligence) for that matter; often these terms are thrown about for their hype value without detailed or serious application.

What about any real / direct applications of the technology into your business? We’ll if you’re developing any core software technologies, and someone is offering you actual Blockchain (not just a concept like a distributed database that already exists independent of blockchain) or actual AI – you are buying in a very early stage. In fact unless you have millions to risk on the project, you are forming part of the proof of concept and specific applications can be easily over-hyped and over-invested without significant benefit over more traditional technologies. If you are excited by the idea, just remember “buy-beware”. If you are unsure and want a second opinion, contact the team and we can vet your application from a computer science and commercialisation risk analysis perspective.

So which businesses will use blockchain then?

There are lots of new applications blockchain for business – it will be applied throughout technology systems, public and private that we’ll benefit from in the future. Right now though there is the proposition of trust that Blockchain for businesses is establishing in the marketplace, especially as it is a far more open data structure that you see across private networks. My guess is it will be large enterprise and corporate entities like banks, trading platforms, governments and industries that will invest and develop the technology more so than small to medium enterprise or even large corporate businesses. You may see plays from IPOs and listed companies using Blockchain (and AI) as a positive story to improve share price and forecasts, again i’m sceptical until you have independent computer scientists, not marketers backing the applications, or like any good business model inertial market trials are showing strong returns.

There is more to it than having your Blockchain for Business sorted. Nothing sits in a silo. The greatest opportunities are multi-touch and omni-channel. AndMine’s digital agency services are a one stop shop. If it’s #Digital, we do it. Go on, test us.

Trusted by

Brisbane Times
Microsoft-Certified-Azure-Fundamentals
Smh
Watches of Switzerland
GooglePlay
Ebay
iPrimus
Unsw Australia
Castran Gilbert
Paypal
Passage Foods
Garmin
One Shift
Green St Juice
RMIT University
Bigcommerce
Toy World
Arthur Galan
Bondi Sands
Associated Press
Melrose Health
catholic insurance
Parker Lane
Google
Tek Ocean
abc
Cronos Australia
Viktoria + Woods
Coles
Max
Fairfax Media
Magento Solution Specialist
Australia Goverment
passage to india
Rock Pool Group
Van Egmond Group
Moov Head Lice
Movember
Wild Rhino Shoes
Hairhouse Warehouse
Chia
Magento
Palace Cinemas
Sports Power
vissf
Sunday creek
Nmiinsurance
Dusa
Scrum
BCG
Melrose MCT
Smart Company
The Age
Matchbox
Schiavello
Windsorsmith
AC/DC
Ello
Anthill
Aqium Gel
Eway
Oakdale
DepSkin.com
Kay Burton
Bank of Cyprus
Hanover
Etihad Stadium
Madman Entertainment
21st Century Education Agency
MSAC
Bostik
GPT Group
News
Australian organic foods
Acquia Drupal Certification
White Suede
Amino Active
ISO Certified
Appstore
Rackspace
131 Pizza
Melbourne Heart
Dial Before You Dig
Fresh Cheese Company
WTFN
Elucent
Liveoneday
Federation
Jalna
Atlantic Group
Digital Agency Panitsync
MAP
ADP Payroll
University of Melbourne
Kadac
Arc One
Natralus Australia
QV Skincare
CSquared Executive
Switzer
Mamma Lucia
Crumpler
Novvi
Canberra
Heat Holders
Positive Poster
Dinosaur Designs
Shell
Vendor Advocacy Australia
TSB
Swin
Celebrate health
Tassal
Fortune Institute
Jetstar
The Burger Cheese
Grainshaker
street kitchen
National Relay Services
Ego Pharmaceuticals
National Museum of Australia
Forbes
CAN
Fed Square
DeeWhy Market
POSTER Magazine
Engineers Without Borders
Rydges
Naturtint
LBG Australia and New Zealand
Melbourne Central
Maxine
Focus On Furniture
Victorian Government
Oracle
Uber
Ubertas Group
Australian Physiotherapy Association
MyAccount
Professional
Grow Rich
Instant RockStar
Tony and Guy
Engine Swim
McArthur Skincare
Telstra
TPP
Drupal
Bulk Nutrients
Xavier
tribe
Beaumont
Mecca cosmetics
High Street Armadale
CBRE
Metricon
Loan Market
Bintani
OMS
Buy Aussie Now
OJAY
Florsheim
James Buyer Advocates
Grow Your Business
Grays Ecommerce
BlackMores
Macmillan
Royal Freemasons
Fast.co
SunSense Digital Agency
Marshall White

Testimonials

Metricon recently worked with AndMine on a major online brand promotion. We were impressed with AndMine’s thinking from concept stage through to campaign execution. We would not hesitate to brief AndMine again on future projects. Yvonne Abood, Marketing Manager, Metricon Homes

More Testimonials
AndMine-Google-Partner-Signature