One individual who is making a big push forward in the space industry is Deepak Thapliyal, who is the CEO of Chain.com, which has the goal to make a more advanced and integrated economy. Speaking about the future of the industry, Deepak Thapliyal responds with this statement. The tech industry is very competitive: every day, a new app is released, new software is written, or a new version of a tech product is announced. As the world speeds towards a wholly tech-driven society, it becomes even more difficult to stand out and make an impact. Innovation is necessary for newcomers and established players to stay relevant and retain patronage. Deepak Thapliyal explains that it is not often technology companies do anything new anymore. They will often continue doing what they have been doing for as long as they feel like, and/or introduce new features or refresh their approach to make it seem relevant to a new group of people. The chain has been in the news for its success with its blockchain-based technology, and its previously developed open-source platform was adopted by some notably high-profile customers like Visa. Deepak Thapliyal, formerly the CEO of Chain, took over leadership. When the company was re-acquired by a private firm in the summer of 2018. Now public at Chain and leading a confidential team focused on furthering the software’s use. He shares his top tips for managing innovation. According to him, “tech innovation is an art that needs mastering.”
How Niching Down Empowers Growth
When one business or organization is innovative, it will lead to greater success. This is a best practice in the tech space because businesses with the most innovative product tend to have the highest market share. However, according to Deepak Thapliyal, innovation flourishes at its strongest in niche areas. In his words, “In an accelerated market like the blockchain space where innovation is rife, innovativeness that differentiates firms within a niche is rewarded much more than innovativeness that differentiates across niches. The strongest firms are those who adopt new technology without changing niches.” The initial success of Facebook, Instagram, and YouTube was due to their exclusive focus on the platform and what they were established for. The same can still be true today. The consensus in most blockchains is a closed-ended style, meaning they serve up one function or task. This makes bipartisanship and updating the network far more difficult than in the centralized system and financial institutions want this to happen with less risk. Deepak Thapliyal and his team have taken on this challenge, creating Chain Core v2 and Sequence v2. Which would bring close-ended systems to their legacy clients. This differentiation from the public blockchain space has positioned Chain in even lower competition and positioned them to get a higher market share.
What you can do to better make the most of your brand
Many new tech companies struggle to become visible and market themselves effectively. Yet visibility remains one of the strongest indicators of success. Advertising and SEO are must-haves, but it is on social media where many have experienced challenges. “Tech conversations are not ones that usually thrive on social media unless they’re within the tech circle. At Chain, we’ve tried to make our employees and partners into good communicators and networkers on social media. We even made some small tweaks by partnering with Twitter to launch a chain-branded emoji. With some small tweaks, plus an effort to make your brand’s message clear. You can grow curiosity about your company exponentially.” Deepak explained. “At Chain, we also partnered with Twitter to create an [emoji] intended for use with specific hashtags like #chaincore or #chainprotocol.”
A how-to guide on innovating for social impact
In our society today, everyone has strong connections to brands that seek solutions to societal problems. The credibility that such involvement earns us helps us enter strategic partnerships and grow our market share. “Tech companies are not necessarily leading the charge in this regard, but it is a trend that is growing. ” Deepak mentions, “It is one way that tech companies can innovate. One way to find an angle for your company would be to realize that your product could help reach a larger audience. This realization acted as the catalyst for the development of Reform by Chain. We are currently building our organization as a non-profit using blockchain to help with global policy changes.”
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Hiren is a certified Digital Marketer, in the field for 5 years. He loves researching and spends most of his time acquiring knowledge. With over 50+ certificates. He is an expert in link builder and do on-page, outreach the best.
