5 Ways to Implement Blockchain Successfully
Tags: blockchain, cryptocurrency
Published: 2020-12-14 05:38:27

<p><span style="font-weight: 400;">In this digital era, blockchain is nothing new. Many organizations have tapped into technology as it has the potential to solve several businesses function's daily issues. When applied to a whole range of processes, blockchain technology can help organizations reduce costs, improve security, automate manual processes, and create trust between companies and clients.</span></p>
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<p><span style="font-weight: 400;">In that case, </span><a href="https://breadnbeyond.com/blockchain/beyond-cryptocurrency-infographic/"><span style="font-weight: 400;">blockchain technology</span></a><span style="font-weight: 400;"> has now been seen as an essential path to digitalization. However, only some companies successfully came up with proof of concept. Others are stuck in the research phase.&nbsp;</span></p>
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<p><span style="font-weight: 400;">The report said that as few as 5% of organizations make it into production. What's more, from a </span><a href="https://www.pwc.com/sk/en/current-press-releases/pwc-blockchain-initiatives-underway.html"><span style="font-weight: 400;">global survey</span></a><span style="font-weight: 400;"> that included 600 executives conducted by PwC, 84% of organizations have at least some involvement in blockchain technology, but only 15% of them have a live project underway.</span></p>
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<p><span style="font-weight: 400;">From those numbers, one thing is clear: there's monumental potential for wasted resources.</span></p>
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<p><span style="font-weight: 400;">So, how can organizations or businesses implement blockchain technology and reap the most benefits of it?</span></p>
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<p><span style="font-weight: 400;">Let's find out!</span></p>
<h2><span style="font-weight: 400;">#1. Get a Solid Grasp on What Exactly Blockchain Is</span></h2>
<p><span style="font-weight: 400;">When we talk about blockchain technology, we talk about those complicated, techy explanations. If you're a business owner who's about to delve into blockchain technology, you need to understand the basics of it.</span></p>
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<p><span style="font-weight: 400;">Blockchain technology uses a </span><a href="https://dev.to/gdsoumya/blockchain-in-6-minutes-9pe"><span style="font-weight: 400;">decentralization system</span></a><span style="font-weight: 400;"> by allowing digital information to be exchanged without any involvement of a middleman. A digital ledger tracks every single transaction and is accessible to all users.</span></p>
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<p><span style="font-weight: 400;">That way, it improves transparency and reduces the risk of corruption or hacking, making blockchain transactions incredibly secure.&nbsp;</span></p>
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<p><span style="font-weight: 400;">Once you understand the concepts of blockchain, you'll see how this decentralized ledger can benefit your business in some ways.</span></p>
<h2><span style="font-weight: 400;">#2. Understand Your Goals</span></h2>
<p><span style="font-weight: 400;">One of the biggest mistakes organizations or businesses made while deciding to tap into blockchain technology is that they only do it for the sake of doing it -- without knowing what it can bring to their operations.</span></p>
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<p><span style="font-weight: 400;">In fact, the key to </span><a href="https://dev.to/ariaareeds/become-a-blockchain-developer-here-s-what-you-need-33hb"><span style="font-weight: 400;">developing any blockchain</span></a><span style="font-weight: 400;"> solution is figuring out what problems you currently face and does blockchain offers a solution to them.</span></p>
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<p><span style="font-weight: 400;">Do your organizations or businesses share and update data constantly? Do transactions interact? Do you find the third-parties or intermediaries way too inconvenient?</span></p>
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<p><span style="font-weight: 400;">If the answers are mostly yes, you might find blockchain technology is a good solution for your organization or business' operations.</span></p>
<h2><span style="font-weight: 400;">#3. Choose the Right System</span></h2>
<p><span style="font-weight: 400;">It's crucial to research the blockchain types that match your organization&rsquo;s preferences and needs.&nbsp;</span></p>
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<p><span style="font-weight: 400;">In other words, you need to look into different types of blockchains, which are categorized by the applications of blockchain; private, public, and quasi-private.</span></p>
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<p><span style="font-weight: 400;">Blockchain can also be centralized or decentralized, permissionless or permissioned -- depending on your business needs and requirements.</span></p>
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<p><span style="font-weight: 400;">If you're not sure what type of blockchain you should use, you can ask professionals or blockchain consulting services. They'll look into your organization and its structure and help you decide the right blockchain types.</span></p>
<h2><span style="font-weight: 400;">#4. Create a Community</span></h2>
<p><span style="font-weight: 400;">Blockchain is designed to build the capacity of organizations, making community-building is the key to success. In other words, blockchain implementation is more likely to succeed if more stakeholders are involved.</span></p>
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<p><span style="font-weight: 400;">There are too many aspects that need to be addressed in blockchain implementation, such as privacy implications, cybersecurity, compliance, and more. If more stakeholders are involved, it'd be much easier to address them deliberately.</span></p>
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<p><span style="font-weight: 400;">The more stakeholders are involved, the easier it will be to improve trust among companies. It also means that everyone within the organization can work out the blockchain technology.</span></p>
<h2><span style="font-weight: 400;">#5. Get Involved in Shaping Regulatory Framework</span></h2>
<p><span style="font-weight: 400;">Since blockchain regulation is still limited and continues to evolve, you won't only need to keep up with them but also to get involved in shaping it.</span></p>
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<p><span style="font-weight: 400;">You can engage with regulators to shape blockchain policies by constantly monitoring the ever-evolving regulation. By doing so, you'll know how blockchain should work and operate. This, in turn, will help you to implement it more effectively in your organization.</span></p>
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<h2><span style="font-weight: 400;">Wrapping Up</span></h2>
<p><span style="font-weight: 400;">Despite its widespread enthusiasm, blockchain technology is still quite far away from maturity. Many organizations are unable to move beyond the proof of concept phase. Therefore, to help your organization overcome this, it's essential to consider those five strategies before you start making the first move into the blockchain implementation. </span></p>
<h3><strong>Author</strong></h3>
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<p><span style="font-weight: 400;">Andre Oentoro is the founder of </span><a href="https://breadnbeyond.com/explainer-videos/"><span style="font-weight: 400;">Breadnbeyond</span></a><span style="font-weight: 400;">, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).&nbsp;</span></p>
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<p><span style="font-weight: 400;">Twitter: </span><a href="http://twitter.com/breadnbeyond"><span style="font-weight: 400;">@breadnbeyond</span></a></p>
<p><span style="font-weight: 400;">Email: andre@breadnbeyond.com&nbsp;</span></p>
<p><span style="font-weight: 400;">LinkedIn:</span><a href="https://www.linkedin.com/in/andreoentoro/"><span style="font-weight: 400;"> Andre Oentoro</span></a></p>