Despite the demand and interest for the blockchain technology, there are still major challenges for blockchain application initiatives (projects and ventures) to be sustainable and reliable. While starting a non-blockchain initiative already comes with its own sets of challenges and has around 50% failure rate, starting a blockchain initiative rises the rate to 90% due to additional variables and confusion on top of this. Such a situation deters innovators and eventually dampens innovation, requiring priority for actions. This paper attempts to contribute by compiling and outlining the various key variables to be considered, as a set of parameters for blockchain initiators. Through secondary data collection: literature reviews, report studies and primary data collection: interventional and observational case study, interviews with blockchain researchers, businesses and entrepreneurs, this paper categorises variables into blockchain-related and business-related categories, outlining consideration points for each of the variables. By summarizing and integrating the variables and referring to theories of innovation and adoption, it is concluded that concept validation entailing both initiative feasibility and user-demand, is of key importance for blockchain innovations.
- concept validation
- distributed deldger technology