Formulation of Blockchain Strategies, Essay Example

The purpose of the Structured Experiential Assessment (SEA) was to draw comparisons on diverse perspectives on the blockchain adoption in the Du Telecom Company. Implementation of this technology can significantly enhance operations at the firm. However, several factors are responsible for the implementation of BT because of varying management.

Why Blockchain technologies

According to (Lindman, Tuunainen, & Rossi (2017), blockchains create transparency. The transaction ledger is available for viewing, which enhances accountability in the industry. Besides, the organizations embrace integrity in their transactions, hence growth. Another significance of the blockchain is enhanced efficiency. It is decentralized, which offsets middlemen requirements in various processes. Such situations foster faster transactions by supporting P2P transfers using a digital currency. Embracing blockchain technologies also contribute to data security. After a transaction, the new record is encrypted before linkage to a similar record. Altering such information is impossible, hence its protection from hacking

Purpose and Objectives of the SEA.

The structured experiential assessment (SEA) seeks to analyze factors affecting the BT adoption at the Du Telecom Company. The findings are instrumental in establishing whether the organization is ready to adopt BT and factors that affect the implementation. Besides, the results are crucial in proposing recommendations for the future development of the various sectors.

Tasks and deliverables

The tasks and deliverables in this report that relate to the Du Telecom Company are analyzed using Microsoft Excel analysis software, and the findings are discussed as follows.

Resistance to the adoption of BT

From the findings, the mean is 5.13, which implies that the experts somewhat agree that companies have resistance in adopting the BT technology. Using the mode value of 6, most experts agree that companies have resistance to adopting BT.

Using the regression analysis, the p-value for resistance is 0.0244, which is less than alpha (0.05). We, therefore, reject the null hypothesis that there is no resistance among organizations in adopting BT. Hence, there exists a gap in the telecommunication sector in adopting BT technology.

Top Management in Adopting BT Technology

In evaluating the top management readiness in adopting the BT technology, an ANOVA single factor analysis was conducted, and the results are as below.

From the analysis, 1.4095 represents the mean for the lack of understanding by various businesses and authorities on BT technology’s potential uses. The average capacity of the upper management to influence the adoption of BT is 2.0286. The results reveal that most businesses understand the BT technology uses as represented by the low average of ignorance. On the other hand, there is a low probability of the top management influencing the adoption of this technology, which lags the companies behind. The p-value from the ANOVA table is 0.0341. This value lies below the significance level of 0.05. Therefore, there is a statistically significant difference between the lack of understanding of BT’s potential and the vital role that managers play in adopting BT.

Organizational Culture in the Adoption of BT Technologies

In this section, we draw a comparison between the upper management’s readiness to take risks in adopting the BT and an organization’s culture against innovations as a barrier to BT adoption and deployment. From the ANOVA table below, the mean for the upper management’s willingness to take risks when adopting BT is 2.0286. This value implies that the respondents disagree that upper management is ready to take risks in implementing the new technology in their institutions. Besides, the organizational culture against innovations has a mean of 3.8571. This result portrays the respondents’ uncertainties in establishing an organization’s cultural influence on BT adoption and deployment as the value tends to neutral. These two variables have a p-value of 0.7512, which lies above the significance level (0.05). Since the p-value is more significant than alpha, we fail to reject the null hypothesis that states that there is no statistical mean difference between an organization’s top management willingness to take risks and an organization’s culture barrier to BT adoption. Therefore, managers could still take risks in adopting BT even with cultures against the BT adoption and deployment.

Blockchain Technology Relies on Collaborative Governance to Provide Market Trust and Ensure that All Stakeholders Followed Agreed Rules.

This variable covers question 12 in the questionnaire. According to the results presented in the table below, the mean is six, which implies that the respondents agree on blockchain reliance on collaborative governance to provide market trust and ensure that all stakeholders play by the agreed laws with 95% confidence. The standard deviation is 1.0690, which presents a low variation of the responses in embracing collaboration. Therefore, collaboration has a significant influence in enforcing market trust and ensuring compliance with the set rules.

Blockchain and Managing Transactions in Organizations

In evaluating the relationship between blockchain technologies and managing transactions in organizations, a regression model was developed using Ms-Excel. From the analysis, the p-value is 0.2586, which is higher than the significance level of 0.05. Therefore, we fail to reject the null hypothesis and conclude that the telecommunication organizations do not adopt BT because of their transactions.

Reporting the results

From the results, adopting the blockchain technology will enhance transactions at Du Telecom Company as represented by the average of 5.933 when comparing the organization’s transactions and BT. The figure below also confirms the results, with a majority somewhat agreeing with the idea.

Besides, the results reveal the existence of minimum resistance by companies in adopting BT. This scenario sparks from the ignorance rates depicted by the management. Unwillingness to take risks by the top management equally influences the embrace of new technologies. Besides, the organizational culture also has a significant influence on decision making to adopt BT. The majority of the respondents somewhat agree that adopting new policies will influence the organization’s decision to adopt BT. The feedback on the manager’s ability to differentiate between Bitcoin and BT remained neutral.

Ethical standards for conducting research

Data collection in this study involved interviewing human subjects. Useful research requires adherence to stipulated ethical considerations. First, the interviewer should respect the respondent since the obtained data’s accuracy depends on the person’s autonomy (Yip, Han, & Sng, 2016). The researcher should also show respect by maintaining the respondent’s confidentiality and freedom to quit the study without imposing penalties. The other standard is acquiring the consent of the respondent. The participants should make a free choice of providing feedback without luring or convincing from the data collector. The principle of beneficence also applies to which the respondent should receive maximum security. Mishandling the research subjects violates ethical research standards.