Sample Research Brief
Strategy Brief for CLIENT Regarding Blockchain
Blockchain is a computer network based distributed ledger arrangement allowing for open, trusted transactions or process tracking that utilizes encryption and distributed, independently run computer systems to create a tamper and counterfeit-resistant system that can be applied to various uses—from fairly traditional financial accounting processes and transactional commerce to supply chain uses and the famous cryptocurrencies (private, computer based fiat currencies generally beyond the control of nation-states and central banks). It is important to note that Blockchain is not cryptocurrency (such as Bitcoin or Etherium) but rather an underlying multipurpose technology that enables cryptocurrencies, among other applications.
As a value exchange protocol, Blockchain is a method, like double entry accounting, as opposed to a computer language; It is a protocol, not a computer program or application. Like computerized accounting software, it can be implemented by using practically any common computer programming language. One can design Blockchain based systems for applications such as secure electronic voting, interbank transfers (conceivably making interbank organizations such SWIFT evolve or become obsolete), copyright tracking and protection, and smart contracts. Smart contracts are arrangements where an action is triggered (such as value transferred) whenever contract conditions have been met.
As a distributed, computer based protocol, there is no particular advantage to a jurisdiction to attract servers hosting Blockchain applications. The physical location of such devices does not necessarily drive direct employment. There is no material difference between a computer running Blockchain based applications to one running any other type of program. The value of Blockchain is in the information stored in the distributed ledgers, which ideally are widely dispersed among multiple geographic locations. Trinidad & Tobago could be one of those locations, but in this era of cloud services, an implementer is just as likely to rent server capacity from Iaas (Infrastructure as a Service) providers such as Amazon AWS, Microsoft Azure, Google Cloud Services, or IBM.
Successful implementation of Blockchain technology requires first and foremost, computer programming and data science skills. In addition, domain specific skills relevant to the Blockchain implementation and use case are necessary. This is to say: if the Blockchain application is financial, then financial skills are necessary (just as if one were to implement Oracle Financials or SAP). If one is to apply Blockchain to supply chain applications, then obviously logistics knowledge would be required.
Thus, the evident opportunity for the CLIENT is to attract disruptive high growth businesses implementing blockchain to utilize Trinidad & Tobago’s labor pool, driving professional employment.
Should the CLIENT choose to exploit Blockchain in marketing efforts, the most direct approach would be to identify and promote local uses of Blockchain in Trinidad & Tobago, especially by local companies, agencies, organizations or students. Developers of financial Blockchain applications will be most keen to look for IT talent with skills in encryption, and financial sector domain knowledge.
The CLIENT’s value proposition for blockchain should be essentially the same value proposition presented to other FinTech (Financial Technology) firms; the skillset and required talent is one and the same. The CLIENT should focus on promoting Trinidad & Tobago’s underutilized talent pool, high level of education, and connectivity.
One challenge will be sourcing and promoting IT talent. It is important to remember Blockchain is a multipurpose protocol, and not all applications are even financial in nature. To attract high growth Blockchain centered companies, software programming talent must be showcased and emphasized. If this talent is not readily available in sufficient quantities, The CLIENT may want to carefully evaluate any marketing approaches that rely heavily on Blockchain.
Suggested methods of incorporating Blockchain into CLIENT marketing include encouraging education sector participation and curriculum inclusion at the strategic level, contributing thought leadership such as white papers, articles, and tutorials covering blockchain applications and oriented towards CLIENT’s target market (executive level financial decision makers that may be seeking information on blockchain), and importantly, seek out Blockchain based research projects (such as graduate level research projects in Trinidad & Tobago universities) that can be promoted and publicized as evidence of a talented professional labor pool.
As your analyst we would be happy to elaborate on any of the ideas presented in this brief, and stand ready to implement upon CLIENT’s decisions and objectives regarding this matter.
Mr. Loren Moss