Companies in the mortgage industry are investing in a variety of technologies to make their businesses more efficient, but many are still unsure about the potential of blockchain. Because it’s new, companies may not even know how to evaluate the benefits of blockchain to their business.
Carl DiClementi, director of product, and Crystal Wiese, director of marketing for Factom, provide a four-step roadmap to help companies get started.
- Learn the basics of blockchain technology and why certain blockchains may be better suited for your business than others.
- Ask, will blockchain save me money? Bring more customers? Save auditing costs? Take a step back and analyze production practical use cases for how blockchain will add value to your company.
- Create a budget for blockchain experimentation, research and implementation.
- Spend the budget wisely. Seek out opportunities to interact with blockchain and test user data to play with. You don’t need blockchain developers for this, all you need is to find a service that will hide the blockchain complexities, allowing you to easily understand the blockchain use case for your business through a graphical user interface.
It is largely publicized that big companies such as IBM, Microsoft, JPMorgan Chase, Bank of America, and Intel are hopping on the blockchain wagon and are actively building proof of concepts. But what isn’t talked about as much is the fact that blockchain services have reached a maturity where the technology is now accessible to organizations of all sizes. Further, with successful proof of concepts across a variety of use cases, it is time for software providers and companies to explore practical implementations of blockchain technology.
“The biggest hurdles to adoption right now are a lack of technical understanding and the perception that they need specialized employees,” Wiese said. “Smaller companies do not have the resources to hire…