Early adoption of technology: the pain and the gain
Early Adopters was a phrase first used by Sociologist Everett M .Rogers in the book Diffusion of Innovations published in 1962. His innovation adoption lifecycle is shown here.
At the same time he also coined the phrase “Laggards”, to describe late adopters, and subsequently we have the “Laggard penalty” which is the projected price businesses that are slow to adopt will have to pay in revenue performance as they are left behind by digital leaders. Annually it averages out at a measly 1% against the leaders…. So why be an early adopter of technology when it comes with an expensive and risk laden future?
Well that gap is only going to get wider… for example in life sciences this year it could average out at $650 million annually.
That’s a lot of money in anyone’s book.
Early Adoption is risky and expensive.
But let’s just pause and reflect on the risks involved in adopting a nascent technology like blockchain. For a start blockchain is not a silver bullet, it’s a rather specific technology that is only appropriate for certain situations, it’s a hammer… which is great when you have a nail, but not much use if you don’t.
It’s also complicated, slow and expensive isn’t it?
Well that all depends on who you ask. True a blockchain developer is a rare breed at the moment and thus they are expensive, a blockchain architecture expert is even rarer and you will have to really push the boat out to get one involved in your business, but that is mainly because this resource is jealously guarded by big business consultancies and thus charged out at a premium. The truth after all that is that actually most of them haven’t actually built anything that exists within the real world. It’s all backroom theory and theoretical principle.
So… you will be forking out on an unproven technology built by people who haven’t really built it before, you would have to be crazy right? Well if the truth be told… maybe, but maybe not. To add to this, you will probably be paying a middleman to manage the process between your business and a blockchain development company, who have produced a single solution blockchain for tracking diamonds when you are selling bananas. So right now the adoption of a technology like blockchain is looking like a really bad idea.
However, as the pace of technology increases, the penalties for ignoring a progressive stance within this arena can sometimes mean curtains for the Laggards. Today you have Netflix, yesterday you had Blockbuster. Sometimes there is no way back.
Today you have Netflix, yesterday you had Blockbuster. Sometimes there is no way back.
Innovation is not always about burning everything old down to the ground and starting again.
Reduce the pain… maximise gain
Adopting the benefits of blockchain in your business doesn’t always have to come with giant licensing or consulting fees. Innovation is not always about burning everything old down to the ground and starting again. This is where middleware comes in…
In this day and age big businesses will have different complex proprietorial software systems, purchased from huge international vendors and integrated at great cost. IT departments will have struggled at great length over these integrations and with a little luck they will be working well. Blockchain can be integrated within these systems without revisiting the pain of giant system overhauls, you just have to look at it in a slightly different way.
With middleware the benefits of blockchain can be integrated with greater ease, speed and lower cost… so what is middleware? You can read a further article about middleware here, but briefly consider it a little like “software glue”, it provides the ability for data to be communicated and managed across different software platforms through APIs (Application Programming Interfaces) which in short is a clearly defined method in which various component parts of different systems can push, pull and merge data between each other.
Using blockchain within this system of translation allows transparency, security and immutability of data as it is moved allowing a secure and trusted transmission. These kinds of integrations take a fraction of the time and money that general software implementation processes take.
Disrupting the status quo
As a blockchain pure play project Omnitude is perfectly positioned to offer an alternative way of integrating this latest advantageous technology without having to go through the middleman of giant technology corporations thus the intrinsic costs, time and pain can be circumnavigated. Because we are not building a single solution blockchain system but rather a middleware platform, it can be easily adapted to a broad range of use cases and scenarios.
This helps dramatically change the game when it comes to the adoption of new technologies for business, allowing “innovators” and “early adopters” to benefit from their progressive stance faster, with less risk and associated cost. Our solutions are not burdened with huge licensing fees either, it is a pay to play scenario where businesses do not have to spend huge amounts of capital upfront.
Omnitude is perfectly positioned to be able to help businesses innovate in this new space without the pressure usually experienced by digital pioneers. Our disruptive stance within this technology space is perfectly aligned to leverage the ambition and progressive position of businesses who have identified that the blockchain’s transformative technology has the power to give them the edge within their market. If those businesses are not quite sure our discovery process is ideal to find where those advantages may be and how they can be easily integrated within their current systems.
Blockchain is not going away and it will become a key part of many businesses technology strategy, it’s unique advantages will only serve to widen the gap between “early adopters” and “laggards” so that penalty is only going to get bigger year by year.