Blockchain is disrupting business models all over the world.
Blockchain is a relatively new and rapidly emerging technology, which maintains a set of growing records termed as blocks using cryptography.
Implementing blockchain in business will undoubtedly help marketers change the world entirely. But it is also essential that marketers understand the concept of blockchain technology thoroughly and have explicit knowledge about how it could be leveraged in their business. According to Payments Pulse Survey of 500 CFOs, only 6 out of 500 respondents had a concrete idea of how blockchain will transform their business into a more competitive one. This highlights the need for understanding the hurdles in the implementation of blockchain in any business and the steps to prepare a business for blockchain successfully.
Challenges Faced with Blockchain
Blockchain is an emerging and new technology and we cannot expect things to change radically overnight. Blockchain can contribute to the programmable economy through its unusual features such as enhanced security and reduced cost due to the elimination of third-party verification and improved digital transactions.
Source: Coin Telegraph
Despite numerous benefits, there are several challenges marketers face with the blockchain technology in their business. One of the potential difficulties is the gap between the current and the future worlds. Marketers are expecting positive outcomes in their trade with blockchain, but the truth is that blockchain is a foundational technology that needs some time to fulfill a marketer’s expectations. Another substantial challenge is the cost. Leveraging blockchain in business will lead marketers into spending high revenues on their infrastructure. Hence, these reasons have discouraged marketers from implementing blockchain technology.
Leveraging Blockchain in Business
Leveraging blockchain in business needs a clear understanding of how blockchain will profit your business and understand how it must be implemented appropriately. The list below shows few steps that every organization must follow to accelerate their organizational growth with blockchain:
Comprehend the concept of blockchain: This seems to be the fundamental step and is one of the most critical steps that every business user must inculcate. Understand what blockchain technology is, what it offers, how competitors are implementing the technology, and how your business can benefit from it. Having a clear understanding of the technology will help marketers leverage it more smartly and gain positive outcomes.
Identify the hidden opportunity: Identifying opportunities for your organization is a standard step that every organization follows, but here business users must identify the obscure chances as well that will help them gain impactful insights of where precisely this technology can offer amazing gains.
Identify the customer demand: Business drives because of customers. The business that fails to fulfill a customer’s requirements burns out gradually. Hence, organizations must identify their customer’s desires and perspective to stay ahead in the competition. Leverage blockchain and use them to reduce the transaction costs, impress customers by providing them with enhanced security, and eliminate the intermediaries. Moreover, organizations must build a relationship of trust and loyalty with their customers. All this will help companies retain their old customers, attract new customers, and keep their customers happy.
Learn as the technology grows: Blockchain is a new, undiscovered, and exciting technology. It is evident that no business user will have a clear understanding of how this technology will boost their business. It is beneficial if companies take slow and gradual steps to learn how it works, how it can profit, and how it can provide the very best to the customers.
Blockchain technology is growing; take your time to experiment with blockchain. Having a thorough understanding of how to leverage blockchain in business will undoubtedly land you up with successful business use cases.
Alibaba Cloud unveils strategic roadmap for international business
Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, has announced its latest international strategic roadmap at the 2022 Alibaba Cloud Summit.
During the three-day summit, the trusted cloud provider has revealed new products to support technology innovation among enterprises, an investment of $1 billion for a global partner ecosystem upgrade, and enhanced customer services to provide comprehensive support throughout a customer’s digitalisation journey.
Technology innovation to power rapidly increasing cloud consumption
With more enterprises moving to the cloud and an increase in demand for cloud services in a hybrid environment, Alibaba Cloud has made available globally a series of its proven infrastructure products, a multi-model cloud-native database and distributed cloud services. This range of new products aims to provide enterprise customers with a wider scope of cloud services covering network, storage and compute.
Cloud Enterprise Network (CEN) 2.0, the newly available network services, provides global intelligent networking to support enterprises’ global expansion. CEN 2.0 supports ultra-large-scale networking capabilities with higher availability, lower latency, enhanced security capability and greater flexibility in pricing options for enterprises, compared to the previous version.
Alibaba Cloud has also unveiled a storage product called ESSD Auto PL, which provides block storage services and supports automatic scaling within seconds to allow businesses to handle sudden traffic surges. As the world’s leading elastic block storage product with auto-scaling function, it offers up to one million IOPS (input/output operations per second), significantly higher than the industry average.
Lindorm, the cloud-native multi-model database developed by Alibaba Cloud, successfully supported Alibaba Group’s 11.11, the world’s largest shopping festival, last year. Designed for fusion-processing requirements for wide tables, time series, space-time and various unstructured data, Lindorm has also been supporting customers in various industries in China – including automotive, finance and manufacturing – thanks to its high availability and low storage cost.
Alibaba Cloud also introduced ACK One (Alibaba Cloud Distributed Cloud Container Platform), a multi-region and multi-cluster container management platform to provide a consistent management, delivery and operation experience for enterprises. It allows users to implement container cluster management, resource scheduling, data disaster recovery and application delivery through a unified platform, whether in a public cloud, private cloud or on-premise environment. ACK One is the latest addition to ACK Anywhere, Alibaba Cloud Container Service for Kubernetes. Earlier this year, among the eight significant industry players evaluated, Alibaba Cloud was named a “Leader” in The Forrester Wave™ Public Cloud Container Platforms Q1 2022 for the first time.
Lastly, to support enterprises’ need for hybrid cloud, CloudBox integrates Alibaba Cloud’s public cloud infrastructure technologies such as compute, storage and network to provide enterprises with fully managed cloud services for deployment close to customers’ business premises. CloudBox delivers a consistent experience as Alibaba Cloud’s public cloud, while meeting enterprises’ demand for on-premise data processing and low latency compute. CloudBox is designed for multinational companies with business operations in China.
Alibaba Cloud has been strengthening its capabilities in computing, storage, network and security. For example, its recently unveiled Cloud Infrastructure Processing Unit (CIPU), a dedicated processing unit designed for its Apsara Cloud operating system, can reduce network latency to as low as five microseconds and improve computing power performance in data-intensive AI and data analytics scenarios by as much as 30%.
Prioritising partner benefits to build inclusive technology ecosystem
With its revamped ecosystem strategy, Alibaba Cloud has announced that it is committed to investing USD1 billion to support partners’ technology innovation and their market expansion with Alibaba Cloud in the coming three fiscal years. This investment consists of both financial and non-financial incentives, such as funding, rebates and go-to-market initiatives.
To accelerate partners’ growth, Alibaba Cloud also launched a “Regional Accelerator” program to provide partners operating in different markets with a localised business collaboration model. The model is designed around factors such as a market’s level of technical maturity, vertical focus, digitalisation needs and business demands, with an aim to boost partners’ income and strengthen their technical expertise. Alibaba Cloud ecosystem partners including resellers, technology partners (ISV, SaaS and SI), service and consulting partners can benefit from the program.
Selina Yuan, Alibaba Cloud Intelligence International President, said: “Partners have always been a key focus for Alibaba Cloud, and we are committed to providing them with strong support for our ongoing co-creation and value-add – both technologically and commercially – to further empower our joined customers.
“Our revamped partner strategy prioritises our partners’ growth. By continuing to support our partners’ business expansion, we can build an inclusive ecosystem benefiting partners and customers.”
To address complications with partners’ international business operations, Alibaba Cloud has also upgraded its collaboration model with its ISV partners, with a focus on enhancing industry collaboration, standardising go-to-market process, and accelerating technical solution integration to increase efficiency. Looking ahead, Alibaba Cloud hopes to recruit more financial services, retail, internet and manufacturing ISVs to co-develop products and support customer innovation.
Alibaba Cloud currently works with about 11,000 partners worldwide, including Salesforce, VMware, Fortinet, IBM and Neo4j.
Empowering customers with comprehensive support
In order to provide all-round cloud-based solutions and services to all customers, Alibaba Cloud also launched a “Global Delivery and Service Program” to enhance the cloud adoption process for customers. Under the program, it has unveiled three Customer Service Centers in Kuala Lumpur (Malaysia), Porto (Portugal), and Mexico City (Mexico), to support customers in their cloud adoption journey, providing timely and regionalised cloud migration and consulting services.
In addition to the Customer Service Centers, Alibaba Cloud has set up three Service Delivery Centers in Kuala Lumpur (Malaysia), Dubai (United Arab Emirates) and Hong Kong (Greater China), to provide extra technology support to its regional offices and customer project delivery in Asia Pacific and the Middle East, Europe and Africa.
Fueling new innovations with reliable infrastructure
During the summit, Alibaba Cloud has inked nearly 30 agreements to help customers and partners accelerate their digital innovation capabilities with leading cloud computing technologies.
In collaboration with JP Games, Japan’s leading game development studio, Alibaba Cloud has unveiled a set of new services to create virtual spaces and realistic avatars for global customers venturing into the metaverse.
Together with MetaverseXR, Thailand’s leading metaverse company, Alibaba Cloud rolled out a comprehensive suite of metaverse solutions for the Thai market in order to fulfill growing local demand for embarking on a Web 3.0 journey.
Alibaba Cloud also teamed up with UMG Group in Myanmar, to power the country’s digital transformation – especially in traditional industries.
With BeLive and VisionTech from Singapore, Alibaba Cloud is expanding its regional outreach in the media and Fintech verticals.
Alibaba Cloud is collaborating with OnFinality, a leading New Zealand-based blockchain infrastructure provider, to offer robust cloud-computing capability and a strong global network for Web 3.0 developers looking to scale globally.
More than 300 Alibaba Cloud customers and partners around the globe are attending the summit, including Accenture, Tiger Brokers, DANA, Thai Data, and Lala station.
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