enterprisesecuritymag

DynaQuest, Guiding Enterprises in their Blockchain Transformation Journey

Randy Knutson, CEO and Founder, DynaQuest

Blockchain has accelerated the business transformation agendas for this decade. It only took a small number of years for Blockchain to move from “Wow to Now” as the platform is defining the transformation arms race in terms of business competitiveness: Deloitte’s Global Blockchain Survey states that 86% of tech-savvy executives responded that the next immense opportunities for global businesses are in Blockchain as the gold rush era for Blockchain is within the next few years, from $3.0 billion in 2020 to $39.7 billion by 2025 at an effective Compound Annual Growth Rate (CAGR) of 67.3% during the years between 2020 to 2025. In the global industrial sectors, the industry-wide adoption on Blockchain, has the financial industry being leaders with a market share of 17.6% while  distribution logistics services at 14.6% and the public sector at 4.2%.

Accenture Consulting states that Blockchain can generate an astounding 30% savings for the banking and finance markets at a cost reduction of $8 billion annually. Since then, the most successful Blockchain rollouts happened in banking, credit and finance where the cost-benefit studies entailed that these institutions will be saving billions annually from Blockchain’s friction-less outputs on all global operations. In seeing the promising results, enterprises were emboldened to adopt Blockchain and embark on their own projects. With the accelerated rate of adoption, businesses are moving to new heights of optimized processes and at a larger scope, the value chain and economy are creating greater value and realizing unprecedented cost-efficiency.

Blockchain Transformation

The transformation with Blockchain and other frontier technologies have begun. These transformative platforms are creating new leaders, new opportunities and new markets for the early adopters. It was further highlighted that 77% of executives now believe that they will lose their competitive advantage if they would either fall behind or not adapt to the changing business world. Next year, International Data Corporation (IDC) estimates that the global spending on Blockchain solutions and transformation will rise to a new high of $11.7 billion globally despite the pandemic as enthusiasm and optimism are surging to the platform’s transformative potential to businesses. The United States is currently leading the global spending & investment initiatives on Blockchain as it stands to deliver 36% of the global share in delivering Blockchain acceleration and transformation across key markets.

This rapidly maturing Blockchain industry encompassing businesses, global institutions and economic verticals are a result of the rapid adoption of Blockchain by industrial infrastructures then the big businesses. With acceleration getting faster and faster, there are legitimate fears of falling behind and failing to scale with the industry. This is called the Fear-of-Missing-Out (FOMO)

and it is a valid business sentiment. In fact, the Blockchain in Transport Alliance (BiTA) was founded by McLeod Software and TransRisk as a response to the news in 2019 that Walmart and IBM are using a Blockchain solution for food safety on sourcing to combat bacterial and contamination outbreaks where a smarter supply chain can exactly pinpoint the exact location and farms where the outbreak originated from through Blockchain’s time-stamped entries on the Blockchain within each testing and monitoring phase. This advancement from the biggest players is also driving the adoption from the smaller players as they band together to coalesce resources and specialties in creating their own Blockchain economy as a response.

Hindrance to Adoption

In hearing about Blockchain’s immense potential and transformative effects to the enterprise, one would also ask: Why is it that companies are still not onboard with Blockchain and if they have explored the topic, why are there delays? The questions are valid and reflects the realities in Blockchain adoption. There is a high difficulty in embarking on the Blockchain transformation: the requirements are steep and the resources required can be high. These are the deterrence to the small and medium enterprise market segment. Not all enterprises can afford to set up a dedicated R&D department for Blockchain and put up new technical positions to facilitate the Blockchain move. They will need to immerse, learn and equip themselves with the knowledge and technical skills required to oversee the Blockchain move. This entails, engineering, architecture, change management and technical resources needed to start, move and maintain the overall Blockchain infrastructure.

A lot of enterprises have made their jump to Blockchain through successful partnerships with providers, vendors and integration specialists. These partnerships are often the product of mutual benefits to their business needs and sees a valid strategy that would pay dividends in their converged markets.

DynaQuest’s Blockchain Transformation Pilot and Project Management

Expeditions at the frontier require working partnerships to increase the chances of success and minimize the rate of failure. An inexperienced explorer will see the benefit in working together with terrain veterans who are tried and tested with these kind of expeditions. DynaQuest, an award-winning Blockchain solutions provider is a highly skilled partner in the Blockchain transformation journey. The company is driven by its expertise on change management, evidence based resource allocation and fundamental studies of use case base to craft a Blockchain solution that fits the unique business needs of the enterprise.

Strategy and Sustainability

These principles are the foundational framework in which the Blockchain solution of DynaQuest are based upon. In creating an adoption roadmap and framework, strategy works hand in hand with sustainability. Through a strategic approach of planning key resources on the variables of requirement, process mapping, challenges, scalability and future needs, DynaQuest generates value as an experienced technology partner by drastically reducing the amount of risks, controlling cost and charting realistic planned milestones towards the end goal of the roadmap. While the pressure to succeed is great, the company takes careful consideration in the strategic deployment and output of the project. The company works with a realistic roadmap towards the goal of creating an embedded Blockchain prototype that not only fulfills the potential of the platform as a major transformative asset to the enterprise, but also opens up for future innovations.

Change Management and Leadership

Founded and managed by CEO Randy Knutson, the company focuses not only in guiding enterprises to their Blockchain adoption, but also towards building an innovative and conductive culture around the enterprise enabled Blockchain. Going back again to Strategy and Sustainability, the leadership and experience of DynaQuest is a major asset to have in enlisting the company for the journey ahead. Change management, guided by strategy and sustainability, willfully guides enterprises through the transformative effects of the company culture and perception on Blockchain. The company instills the knowledgebase, the essential skills and resources in establishing Blockchain while introducing conditions that are conductive to innovative and future improvements around the technology. Driven by the experience of the executive management team and their background on CIO and CTO across enterprises in the technology, finance and shared services industry. DynaQuest instills the same experience, knowledge and leadership on change management. Our clients will be able to avoid the pitfalls and misallocation of resources in their road to Blockchain. The goal is to make the Blockchain transformation journey, an immersive and successful project – one that opens up new opportunities on innovation to further your business success in the decades ahead.