Blockchain is transforming the way companies share data and transactions. But you can't succeed by simply applying it to your business. Here's how you can get the blockchain development help you need for integration success.
Blockchain emerged as a ledger system for cryptocurrencies. Experts soon discovered it far surpassed the security and fidelity of database systems. They now regard it as the next evolutionary step beyond database technologies.
In fact, 60% of banks have already begun using blockchain. 17% of those banks claim they are already at the forefront of the revolution. But what about those banks still experimenting or yet to adopt?
Just as blockchain disrupts industries, it disrupts businesses and their employees. That's why 73% of banks are relying on outside consultants for blockchain development help. Here's how they are getting the greatest return on this new, long-term investment.
What Are the Advantages of Blockchain?
In blockchain networks, no single entity controls the ledger. A network majority must agree to any change. This prevents threats from entering the network. It also increases transparency between entities within the network.
There are clear business reasons to use blockchain. Exchanges between companies are transparent and untampered. This streamlines communication and adds value to internal and external relationships.
Blockchain also protects against external threats. Intruders have no point of entry to the entire network. It removes the need for third-party review in confidential exchanges as well.
But companies need a clear vision of their solution before they integrate. Despite its advantages, it poses real risks both as a tool and an investment. A clear vision with the right technical expertise provides a clear path to success.
10 Reasons You Need Blockchain Development Help
Blockchain is a long-term commitment. Don't step into the process blindfolded. Like any new technology, there are no 'one-size-fits-all' solutions.
Here are ten reasons you can't do without the right third-party support. Take the extra step to launch your solution correctly. You'll thank yourself in five years as your competitors fall behind.
Recognizing Its Business Value
Blockchain is a system designed to facilitate trust between multiple parties. Blockchain enables this via an indisputable ledger that is shared across a chosen network. You need to know how this will prove valuable in your network of choice.
Blockchain can streamline transactions. It can remove ambiguity from internal processes. Most importantly it eliminates the possibility of human error and deceit.
Identifying a Use Case: The Context of Your Industry
Blockchain isn't just for cryptocurrency. Finance, insurance, and healthcare organizations have adopted blockchain for specific uses in their fields. The nature of your industry will dictate the best way to apply.
Healthcare organizations are overcoming inconsistencies with patient records and demographic data. Distributors use blockchain to streamline recordkeeping throughout the supply chain. Each of these use cases requires the right technical expertise to apply.
Choosing a Consensus Mechanism
Once you understand context, select a "fault-tolerant mechanism." This is a database through which blockchain can conduct your new solution. Your blockchain will leverage this existing network to build the advantages you want.
Your goal is to solve problems in this network. Typical databases are vulnerable to attack, for example. Your blockchain solution can protect this existing network if that is among your goals.
Meeting Your Unique Business Needs
Your company has unique needs. Your new blockchain solution must cater to all of those involved. You must ensure your blockchain solution isn't a partial solution to a much wider problem.
Organizations are using smart contracts to manage transactions with outside companies. You may also find additional internal uses to get the most from your investment.
Understanding the Costs
All companies experience friction with new technology investments. This involves costs associated with application and changes to IT infrastructure. Unexpected issues can arise when integrating blockchain with legacy applications, for example.
The right technical team can identify these issues in advance. They give you a better picture of problem areas and costs to expect. This helps to ensure you take the optimal approach to your implementation.
Avoiding Common Pitfalls
Blockchain is not immune to security issues. These can disrupt business and third-party relationships. That's why selecting the right blockchain model is essential.
For example, intra-carrier models best apply to internal blockchain instances. Inter-carrier and ecosystem models manage external relationships in different ways. A blockchain expert can help select the best, low-risk solution for your business.
Transforming Your Workforce
Blockchain is upscale from an update to your company email client. This update can be disruptive itself. But blockchain changes how people work and may even displace employees.
There are often intermediary gatekeepers for third-party exchanges. These employees could become redundant with a new blockchain solution. You must be prepared to manage all types of feedback and disruption to your employee base.
Building a Model to Suit Your Relationships
You and your partner will identify nodes in your blockchain network. These are individual touchpoints through which employees can interact with the system. You must determine on what platform these nodes will exist.
Will the platform be on-premise or in the cloud? Will some nodes be among third parties accessing the system? Your developer can work with you to identify the best business solution.
Creating a Long-Term Strategy
Remember, blockchain adoption is evolving. Accenture predicts 10% of global GDP will be stored on blockchain by 2027.
Many of those transactions will occur as quickly as Google searches. Some will even involve consumers. Your solution must be designed to meet future changes in your industry.
Beginning the Process
Work with your developer on a solution that is right for you. This may begin with low-level investments. You may want to build out those solutions as part of a long-term strategy.
Be sure to approach your blockchain devs with clear business goals in mind. The better you understand your goals, the better your solution. Your long-term success will be well underway.
Be a leader in your industry. This is a lucrative time to launch your blockchain solution. IoTCoreSoft provides the blockchain development help you need.
We are specialists that transform the way you manage your connections. We understand your needs and leverage our expertise to build the best blockchain solutions in the market. Contact us now for a free consultation.