Accenture, NTT, IBM, Cognizant and TCS’ early moves on blockchain services

Rage Comment : Instead of talking about how blockchain will change the world, it is better to find technical skills, choose the right scenarios, and conduct proof of concept. At the same time, you can also pay attention to the cooperation of service providers and understand the evaluation criteria for technology providers. If you really want to control your own business destiny, then work strategically with partners to find the right opportunities and create solutions together. So look for a participant with stronger agile skills, because these skills can be well transferred to your blockchain exploration.

Translation: Nicole

I love blockchain - all the hype thinks it's the next hot thing after the internet, ready to overthrow the control of traditional banks and corporations over the world and change the way money is transacted. Yet some people dismiss blockchain, arguing that government tribalism and fear of lax cross-border regulation are the ultimate barriers to implementing blockchain technology and realizing its potential. Other technologists wonder how we can make blockchain enterprise-ready and implement it in a real business environment.

So let’s take a look at the first-ever analyst view on how emerging blockchain capabilities are evolving alongside current service providers:

I would like to briefly share a blog post by the report’s author, Christine Ferrusi-Ross, about the core recommendations:

Clients and their service providers are learning about blockchain together. This is not good if you want someone to hold your hand and tell you everything is going to be fine and they have the answers for you (no judgment on my part, by the way - if there is a well understood solution you can hand off to someone else to complete, go for it!) but if you really want to control your business destiny, work strategically with partners to find the right opportunities and create solutions together. It is a rare opportunity to be an equal knowledge partner with your service company, and in fact, it is also a potential opportunity for your suppliers to learn as your team researches opportunities and brings in suppliers to help test some of them.

Find great storytellers. Of course, it’s important to understand the technical aspects of blockchain. You’ll find it easier to find technical skills than to find someone who shares your dream and story about how blockchain can change the world. It’s not just about finding a strategist, it’s about finding a vendor who can clearly communicate the vision so that you can better digest the different scenarios, choose the right one, and move to the proof of concept stage.

Pay more attention than ever to partnering with service providers and spend more time understanding the criteria by which providers evaluate technology vendors, as having a deep understanding of this area is more important than understanding other more mature areas.

Focus on the service provider’s ability to work in a fast-moving environment. Yes, I know, you may not be able to build anything right now. But remember, you are looking for someone to build with you, which requires the ability to update and be flexible while still not losing sight of the original goals. Providers with a more rigid approach to engagement will put more pressure on you to understand your requirements clearly, which may happen before you actually understand what those requirements are. So look for a participant with stronger agile skills, as these skills will transfer well to your blockchain exploration.

In the meantime, here’s a link to the full HfS research information: The Blockchain Service Blueprint Guide, which defines and describes current activities (particularly in BFSI) and how service providers can approach this technology that is set to become an integral part of any industry’s future structure.