Bitcoin Blue Ocean Strategy
This bitcoin blue ocean post is inspired by an interesting book titled Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne that explores a marketing theory and principles of a strategy called “blue oceans” – meaning unexplored new market areas. The opposing “red ocean strategy” represents all the industries in existence today – known marketplaces. Unlike the “red ocean” where industry boundaries are defined and accepted with well-known rules of competition, “blue oceans” are where demand is created, profits are fast, and competition is yet unestablished. Entrepreneurs in the cryptocurrency space have started looking at crypto-related business ventures as the “blue ocean” and making moves to harness advantage bitcoin and other cryptocurrencies might offer.
One area of innovation entrepreneurs in the crypto-space are looking at with a keen interest is Ai – artificial intelligence. The bitcoin blue ocean is teeming with those looking to develop new ways to harness existing and emerging Ai technology. Those involved with cryptocurrency quickly forget how complicated it really is for newcomers. Solving the complexities of using, trading, storing, and securing bitcoin to make it more user-friendly will require the right automation technology. Creating platforms and apps that make it easy for today’s masses to participate as easily as they currently spend fiat currency is what will cause mainstream adoption to explode.
Identifying a reasonable strategy is one thing, but executing it successfully is another. This requires identifying a target market and striving to fulfill their needs. In the bitcoin blue ocean, the possibilities are wide open to provide users what they might truly value and eliminate problems or complexity. It is a given that ten to twenty years from now, industries that don’t even exist today will be thriving. The key is to sail the deep waters without fear and look to partner with emerging innovative solutions specific to challenges newcomers will face.
The “Blue Ocean Strategy” suggests entrepreneurs understand and research current industries that have not innovated for large customer markets. Then look for game changing new innovations that redefine buyer value elements. Netflix did not compete with Blockbuster by building bigger, better or more stores, but instead provided a service that did not require customers to even go to a store. Uber did not launch a new fleet of taxi cbs, but instead created a mobile app and engaged independent drivers to come to riders on-demand. AirBnb did not buy homes and hotels, but instead engaged existing property owners into using an online platform that made it easy for travelers to find short-term rentals.
Today’s consumers demand appreciation for the value they bring to a business they choose, and many are looking for financial gain by using goods and services they use. Creating robust, transparent incentives by using blockchain technology could clear the path for interactive incentive systems. From transparent profit sharing programs to tokenized features, an ocean of possibilities is emerging. Business focus has run the course from building a website, mastering keywords, optimizing search engines, harnessing social media, to intense user interactivity. The bitcoin blue ocean strategy is definitely worth considering.
Blue Ocean Potential
“The Bitcoin blockchain is Blue Ocean Strategy at work, ” says Trent McConaghy, of Ascribe Blog. In addition to focusing on non-customers of the industry to unlock new demand, Mr McConaghy sees that this public ledger of bitcoin transactions eliminated, reduced, raised and created industry factors, thereby moving into uncontested market space.
Some view “centralized” as the red ocean, and “decentralized” as the blue ocean. Adding value for bitcoin “blue ocean” users has the potential to open up uncontested market space that could result in years of future competitive advantage.