From banking to real estate to fintech, blockchain is making waves in almost all industries today and that too for the right reasons. The state-of-the-art DLT tech assures secured data storage with impenetrable safety as well as faster and more economical transaction with its decentralized infrastructure. In fact, what blockchain has brought to the world in the 21st century has never been viable before. Another great advantage of blockchain is immutability- any kind of data entered into the blockchain cannot be manipulated or altered. Check out more at Multibank.io.
The worldwide blockchain market is predicted to touch a mighty volume of $1,431.54 billion in the coming 8-9 years, clocking in a solid 85.9% CAGR. Majority of the analysts have estimated that blockchain is poised to be a crucial mainstay from the year 2022. More than 80% of renowned 100 public corporations are currently using blockchain tech and others are keen on joining the bandwagon shortly. Are you too aspiring to implement blockchain for your own organization? Well, it would definitely signify a giant leap towards taking your organization towards the upcoming Web 3.0 world order.
The post below offers a brief guide on what blockchain implementation looks like and how to adopt it for your organization.
Consider use case
First, try to understand why you need the blockchain tech for your organization. What kind of usability or improvement is it going to serve for your company? It would help if you can get a thorough research on the various use cases served by the blockchain technology for different industries. This way, you will be able to develop a fair idea on the applications or use cases the blockchain technology would be able to serve for your company.
Chalk out POC
POC aka Proof of Concept is a procedure that helps to assess how and at what scale blockchain technology will help to uplift your company. So, again, you will ask yourself a set of questions that will enable you to establish Proof of Concept. The questions will be somewhat like-
- What kind of problem (in the business) blockchain will help to address?
- Is blockchain going to bring some sort of positive improvement and if so, in which area?
- In what way blockchain would support me in business transformation?
Here is a short guide on developing POC-
- Chalk out guidelines that offer a clear view of the scope of business project
- Build a prototype covering design, sketches, architecture, code, and other such relevant poInters
- Test the prototype
- Analyze MVP (Minimum Viable Product)
Choose the blockchain
Consider the preferred use case, purpose, the POC, and also your budget while choosing the blockchain. So, what blockchain would you implement? Well, you can choose one from the major blockchain platforms in the current market, including Ethereum, Hyperledger Fabric, Quorum, Corda, Stellar, Open chain, and so on.
Here are some of the factors to keep in mind while choosing the blockchain platform-
- Private or public
- Number of users
- Permissionless or Permissioned
- Type of use cases
- Do you need smart contracts?
- Do you need NFT?
- Decentralized or centralized control
Consult blockchain service providers
If you are not confident about your coding skills, you can always consult blockchain service providers for implementation. When it comes to a futuristic tech like blockchain, it’s better to get it done by seasoned professionals.
Test the blockchain
According to experts, you must settle with easily customizable blockchain technologies that could be tailored as per the specific needs of your business. The major things that you must check in this regard are-
- Technology depth- does it support private or public blockchain?
- Technology breadth- does it support multiple platforms and multichain networks?
- Does it allow development of smart contracts as per the specific terms and conditions of your business?
Integration with legacy system
This is to remind you that most of your business partners have not left the traditional platform yet. And, you need all these partners for the business. Thus, you will have to integrate the blockchain with legacy systems to keep the partners connected to the business.
Build and activate blockchain
Now, we have to come to the stage where you will finally build the very first block of the blockchain platform for your business. After building the block, set a secondary connection for streamlining internal correspondence. First, you will send information – the second step is to set terms for receiving (for others) information.
Next, you will proceed to activate your blockchain over the blockchain network. If it’s a hybrid product that uses both off-chain and on-chain applications you will require a cloud server. Read here more about what is blockchain.
Choose consensus protocol
You might have heard of PoW (Proof-of-Work) consensus protocol and also about PoS (Proof-of-Stake). But, cut to 2022, there are 3 more consensus protocols followed by modern blockchain platforms. The 3 others are DPoS (Delegated Proof-of-Stake), BFT (Byzantine Fault Tolerance), and PoWeight (Proof-of-Weight).
Develop the ecosystem
You will need to develop a strong ecosystem as you will have multiple stakeholders getting involved in blockchain. The ecosystem will serve as a niche dedicated community operating within the bigger blockchain community.
The ecosystem will work to enhance understanding of the blockchain scene and also help to build trust among the participants (read businesses) in the community. The stakeholders comprising the community should concur on these pointers-
- Terms are conditions of engagement
- Steps to ensure equal and fair distribution of rewards and costs
- Governance mechanisms
So, now, you know the steps to implement blockchain tech for your business. Well, before concluding, it must be mentioned that since this is your first tryst with blockchain, it will take you some time to get acquainted with the workings of the cutting-edge technology. So, naturally, the initial days with the blockchain might not be very smooth. So, do not expect a flawless or seamless interoperability between the blockchain and other connected systems of your business from day 1. You will have to keep on testing the implementation part to see whether you have missed out on a variable and what are the additions you have to make to make things work smoother, if any.