29 Making Sense of Blockchain: How Firms Can Chart a Strategic Path Forward ^Top Looking Forward B lockchain is a promising new technology, and when combined with the wave of other technologies including machine learning, AI, big data, and predictive analytics, it can be a powerful tool to transform industries. However, managers would do well to take a measured path rather than jumping to adopt the technology in fear of missing out. As blockchain matures and critical implementation challenges are addressed, organizations can stay involved by taking active roles in consortiums and alliances that share knowledge. As with any emerging technology, in order to cross the chasm in the innova- tion adoption lifecycle, managers need to persist with innovation.48 They need to budget and strategize not only for technology development, but to ready themselves to cannibalize existing products and self-disrupt current business models if necessary.49 Firms that invest in their resources, build institutional capabilities, and nurture new competencies will be well-equipped to deliver a robust strategic response to their competition.50  48 Geoffrey A. Moore, Crossing the Chasm (New York, NY: HarperBusiness, 1991). 49 Everett M. Rogers, Diffusion of Innovations (New York, NY: Macmillan Publishing, 1983). 50 Christine Oliver, “Sustainable Competitive Advantage: Combining Institutional and Resource-Based Views, Strategic Management Journal 18, no. 9 (1997): 697-713, https://doi.org/10.1002/(SICI)1097- 0266(199710)18:9%3C697::AID-SMJ909%3E3.0.CO;2-C.