How to Implement Blockchain into your Business?
July 18, 2022
2008 bought us the legendary peer-to-peer network, having the potential to disrupt the traditional record-keeping systems and provide us with a decentralized network to manage digital currency.
The world never has witnessed a revolution like a blockchain before Satoshi Nakamoto presented his idea of a decentralized network allowing to manage multiple nodes, not even located in a similar geographical area to go smooth and work as a separate secure entity!
According to Warren Buffet, blockchain is a “mirage”, “the idea that it has some intrinsic value is just a joke”. Though many of us still consider blockchain in its nascent stages but is that really the uncovered truth?
Not so! With the technology traveling a way forward from just a digital currency trade to a proven usage & implementation in various industries.
The question now could be what good could blockchain do in implementing it with the businesses, non-specific of the industry genre? Here’s an all-equipped guide to help you delve deeper-
Questions to consider in evaluating the need for Blockchain Implementation in Business
Blockchain is undoubtedly an innovative way to securely transact, keep records and have it all accessible digitally but let’s understand if your business really requires implementing the same. Here are a few questions to consider before you freeze the decision.
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- Are Transparency and Traceability inevitable factors for your business?
- Do you require decentralization for the business?
- Will you be saving some generous time posy implementing a blockchain-based solution development?
- Is the implementation done for any new sources of finance?
- What kinds and amounts of data do you require on the distributed ledger?
- Who all can be your network participants?
- How much control would you like to have over the stored data?
- What is the maximum scalability expected?
If you, as a business have absolute clarity on the factors and still decide to take it forward, it’s important to know the implementation process. Here’s what the steps look like.
Crucial Steps to Blockchain Implementation
- Use Case Identification
The first step to start with is identifying the use case, it involves the entire journey of identifying, clarifying, and structuring your requirements for a blockchain. The need of having a use case is to know why exactly does your business need blockchain and what could be the possible perks awaiting in lieu of future business goals?
It’s imperative to firstly identify a use case and get started with building your further plan of action around it. The start may seem small, but the analysis can surely help heaps to implement blockchain on a larger scale.
- Developing a Proof of Concept
The next step would be shifting the focus on developing proof of concept. POC is a process to determine the practical potential and feasibility of implementing blockchain in the business.
While it takes ample planning, the right questions to ask yourself, getting in line with a theoretical built-up, developing a prototype to have a brief mockup, and finally ideating the future outcomes and the problems which can be resolved through blockchain.
That’s quite a wholesome project in itself, which somehow cuts down the complex downtime and have better options to allocate further.
- Selecting a Blockchain Platform
Not every platform seems similar and not everything can cover under your budget! Select the kind of platform that suits your pocket and should be effective in the field you have chosen for yourself.
The research should be quite impressive as one can get themselves misled through great marketing tactics and but the wrong choice for future business goals.
- Technology & Smart Contracts
The first thing to observe as a new user is to check the blockchain technologies. Choose and implement only the ones that can be best suited and carved to suit your requirements. For instance, you can check the technology depth and if it offers support to both public and private blockchains or looks for technology breadth if that can support multichain and multiple platforms.
Though when we talk about the key aspect of blockchain, they are the smart contracts, allowing users to send around required products without a third-party party mediating in between. You can conveniently set up smart contract rules and completely eliminate the need for a central third-party mediator by making use of smart contracts.
Also, it becomes inevitable to test your process before laying everything on the floor!
Read More: Rise in Adoption of Blockchain Technology in Banking Sector – Explained
- Taking the Partners Along
You might not be alone in the journey, there can be a few partners or some stakeholders to consider as well. You might individually choose blockchain for the future tech but it’s imperative to have the support of partners alongside.
You, as a business must have to integrate legacy systems into your implemented blockchain, this can help in maintaining business relations with the ones who haven’t made a switch to the blockchain yet.
- Run, Manage and Activate
The next step would be to involve the role of cryptocurrency! It is an encrypted token that would be used for activating the power for analyzing that the persistence of the communication of nodes remains steady enough!
For rolling down things, you require to firstly create a block which must have the characteristics of a chain, in other words we can say it should lay the foundation for receiving the information for the same.
- Deployment
The final step is to deploy the application on the blockchain network, when we’re talking about the activation and managing the network simultaneously, it should be triggered through an application server wherein one has to host each of their applications on the main blockchain.
If you’re in the situation of having hybrid solutions, the applications that can be considered both as on-chain ad off-chain entities, it’s suggested that you should be initializing them on the cloud server.
Wrapping Up
We hope this guide has helped businesses and other blockchain-curious nerds in knowing what exactly the steps are involved in integrating blockchain technology services into the business.
It’s quite an essential deal to know that blockchain has aspects, options and so much more to delve into the research and find the right solutions to level up a business.