Leveraging Blockchain For New Market Ecosystems

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Leveraging Blockchain for New Market
Ecosystems

• The answer to the question, 'Does blockchain
  create the potential for new market ecosystems?'
  is 'Yes, it does, to a great extent.' Blockchains
  allows for radical innovations across all
  industries and innovative start-ups.

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The Construct of Ecosystems

• An ecosystem comprises entities that collaborate
  along a continuum of customer needs to deliver
  greater value and expand the addressable market.
  An ecosystem can be defined in a much simpler
  manner by drawing a circle around organizations,
  individuals, and things that share or complement
  a set of interests. This circle will be defined
  by the mindsets of the stakeholders and whether
  they would want to create efficiencies, curate
  new markets, and improve collaboration.

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Decentralized Ecosystems

• Let us now discuss how digital business
  ecosystems work.
• Here, there is no central customer-supplier
  network that serves a linear customer experience
  chain. There is no central point in a digital
  business ecosystem. There are many partners who
  act equally in the network.

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• Companies that have already designed business
  ecosystems will strongly focus on the
  customer/user. Such a system operates on the main
  goal of creating value for the business ecosystem
  partners through a coordinated value system.
  Together, they must be able to define
  cross-industry offers.

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• The user/customer is given utmost importance
  here, and they benefit greatly from the positive
  experience and simplicity of the coordinated
  range of services. Some of the popular digital
  ecosystem designs from the last decade are from
  companies such as Amazon, Apple, and WeChat.
  Finally, the ecosystem must be one that provides
  the maximum benefit for all partners, especially
  those supported by new and disruptive
  technologies such as blockchain.

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Designing a Business Ecosystem

• The design of the business ecosystem follows the
  mindset from design thinking that has experienced
  a revival in the design of digital
  transformation. Design thinking refers to the
  strategic, practical, and cognitive processes by
  which concepts such as proposals for a new
  building,product, or machine are developed by
  design teams or designers. Many companies have
  even aligned their principles with the mindset of
  design thinking.

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• This depends solely on an iterative approach,
  strong customer/user focus, and co-creation for
  testing the prototypes with potential customers
  and to resourcefully build the first minimum
  viable products.

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• The central starting point of any business
  ecosystem design is the defined problem statement
  and the needs of the customer/user. For this,
  well-known design thinking tools such as customer
  profiles and personas and customer experience
  chains. The design of the ecosystem takes place
  on two levels business and customers/users. It
  includes associated technologies and platforms.

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• Let us now understand the stages involved in a
  business ecosystem model that businesses can use
  even while implementing blockchain technology.

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• Determining the core value proposition.
• Finalizing and describing the partners in the
  business ecosystem.
• Placing the partners in different areas of the
  ecosystem map.
• Defining the value streams and connecting the
  partners with the same.
• List down the advantages and disadvantages of
  each partner.

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• Designing/redesigning the business ecosystem.
• Getting a multidimensional view of the business
  models of the partners in the target business
  ecosystem.
• Decide on the potential decision-makers and team
  members for the business ecosystem.
• Forming a motivated team for designing a new
  blockchain business ecosystems
• Building the core blockchain business ecosystem.

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Characteristics of a Mature Digital Ecosystem

• Here are some of the pointers of how an ideal
  digital ecosystem must be designed.
• Must Focus on the user.
• Must be loosely coupled and designed for
  co-creation.
• Must provide cross-industry offers.
• It must contain decentralized and networked
  system elements.
• It must be designed for the maximum benefit of
  all the participants.

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• One must always bear in mind that all these
  effective business ecosystems must be designed
  such that the partners benefit from value
  streams.

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Conclusion

• Blockchains helps businesses develop applications
  that are dynamic, lightweight, easily scalable,
  and robust so that they can be plugged into the
  ecosystem and withdrawn whenever required.To know
  more about blockchain certifications, check out
  Blockchain Council.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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