A Complete Guide about Blockchain Implementation
Tags: Blockchain Technology, Blockchain Development, Blockchain Startup, Blockchain, Blockchain Application

If you have not started to experiment with the blockchain, it simply means you are behind the technology curve. Our comprehensive and step-by-step guide on blockchain implementation will help you understand the best practices to apply blockchain in your business use case.

Size of the blockchain technology market worldwide from 2016 to 2021 (in billion U.S. dollars)

Image Source: Statista

Many organizations are experimenting with blockchain technology due to its potential to bring trust and transparency within any business ecosystem. PwC surveyed 600 global executives and found that 84% of organizations are getting engaged with the blockchain, while only 15% of them have a blockchain project in progress.

Steve Davies, a Global Blockchain Leader at PwC and Author of “Blockchain is Here. What’s your Next Move?”, said that blockchain projects have been stalling for various reasons. The barriers to blockchain implementation are uncertain in how blockchain will be regulated legally and how will it bring trust among a number of users.

However, Davies said that you could not sit back and wait; you should be experimenting with it as its effect is going to be intense.

Gartner also forecasted that the blockchain is going to generate over $3 trillion by 2030 in business value. It means that the one-fifth of global economic infrastructure will run on blockchain-based solutions by that time in the future.

You need the right strategy that could allow businesses to implement blockchain projects without coming to a halt.

We shall explain the step-by-step blockchain implementation strategy to overcome any uncertainties in blockchain projects.

Here’s a Step-by-Step Guide to a Blockchain Implementation Strategy

Understand what a Blockchain is

Blockchain technology allows records of information to be stored in blocks which are linked to each other via a cryptographic mechanism to build a distributed ledger. Anyone who has access can share or verify the ledger without requiring the expensive third-party verification.

Each block has a cryptographic signature that is linked to the previous block in a way that it makes the blockchain tamper-proof once all the blocks are created.

Blockchain can be permissioned, placing restrictions on what stakeholders can view and update and also, it can be permissionless, allowing anyone to view or update anything on the network.

We have explained the blockchain in brief above because we recommend you should first understand what is blockchain before you plan to implement it in your business.

If your business use case requires blockchain or not

When you decide to develop a blockchain solution, figure out what problems it can solve and if it is the way to solve them or not.

To analyze if you require a blockchain solution or not, you need to understand the entire process inside out. You need to find the bottlenecks in the current business process and once identified, try to examine how blockchain can resolve them.

Consider the following questions before you think about blockchain implementation across your business operations:

Does your business case require data update from multiple parties?

Do intermediaries add complexity to your business case?

Do multiple parties exchange data?

Do transactions interact?

Does your use case require verification?

Are business interactions time-sensitive?

If you answered “Yes” to four out of six questions, it represents that blockchain could be a great solution to enhance your business efficiency.

Select the right blockchain platform

Since a variety of blockchain solutions exist, you have to ensure you choose the right blockchain type for your use case.

Here is the comparison of best blockchain platforms used by companies for building blockchain based applications