Are you using blockchain implementation to your advantage?
Don't fall behind the competition. Blockchain implementation can give you the leg up you need to stay ahead. However, you'll need to know how to get started to reap the advantages of the blockchain.
In this guide, we'll show you everything you need to know about blockchain implementation and your business. Read on to learn more!
What is Blockchain Technology?
The blockchain is a form of peer-to-peer network. It uses a completely transparent system of validating records, such as online transactions, to create a permanent record of these exchanges.
This means that documents shared online will never have their authority questioned. There will be no issues of whether the document has been changed or modified during transmission. This is a great benefit to businesses that need transparency in document sharing.
The Steps to Blockchain Implementation
To implement blockchain technology, just follow these tried-and-true steps.
1. Determine Use
First, you'll have to take a careful look at where blockchain can be applied to your business, and where it's not relevant.
You don't want to use blockchain for everything - only for those applications where it will have a measurable benefit. Otherwise, you're spending too much time and money implementing the blockchain across the board.
Decide on the areas where using blockchain will drive customer value the most, and target those first. This will also help you figure out what kind of implementation will be best. If you're doing it on a large scale, for example, you'll probably want to outsource the work.
2. Create a Plan
Now, you need to take a look at you need for blockchain implementation in these target areas.
You'll need to determine things like the budget you have to work with, and the deadline you want these projects done by. This will also help you decide whether to outsource or do things internally.
Most of the time, it's a good idea to spring for outside help. Hiring an IT team that's capable of blockchain implementation can ultimately be more expensive and difficult than outsourcing.
However, you'll still want to plan to train your in-house team on the ins and outs of the blockchain. This technology is complicated, new, and still changing. Your team should at least know the basics that are necessary to keep up.
Don't worry that you won't be able to find a company to help you. Blockchain technology has become a huge industry, and many businesses are available to assist you with implementation and training.
3. Verify Your Plan
Your next step is to gather some proof of concept. You need to know that your plan is actionable, and that it's going to work, before investing the time and money in blockchain implementation.
If you're outsourcing, the blockchain experts you hire should include this as part of the package. You don't want to work with someone that can't show you how their methods are going to work.
This can be a challenging process. One way to do it is to run a simulation using blockchain technology and real customer data.
This way, you can determine the effectiveness of your strategy without affecting real customers. A simulation allows you to see how well your method will work once scaled up to meet your needs, for example.
By verifying your plan ahead of time, you can tweak and make adjustments as needed, saving time and money in the long run. Cloud computing is another great tool for proof of concept -- you can run simulations without affecting your hardware.
However, make sure those tests aren't being done on the public blockchain. You'll want your first tests to be internal.
4. Start Out Small
One of the biggest issues with blockchain implementation is trying to go too big, too fast.
You don't need to completely overhaul your business with blockchain -- at least, not right away. Start small, with little changes that can still make an impact. It's even good to make changes that will only have a small impact: that way, if it doesn't work out like you wanted, the damage is minimal.
5. Field Test
Now, it's time for the field trial of your blockchain strategy.
Again, you'll want to start small. Include just a small percentage of your customer base, and try a low-volume side of your business to test on.
This can give you the knowledge you need to make further adjustments without making a huge impact on your company or customers.
Your field trial often won't be the same as your proof of concept test. You'll use the information you learned in the proof of concept stage to create a different field test that will give you even more information.
After you've tested things out in software form and on the cloud, you may want to implement blockchain technology into your company hardware.
6. Next Steps
Blockchain technology is very young, so blockchain implementation has yet to be taken very far beyond these steps.
As with all new innovations, your next steps will include monitoring your success and refining your strategy.
You'll want to include training not just for your in-house staff, but for customers on what blockchain means for your business. Regular audits will help you see how your blockchain strategy is working and change it accordingly. When it's appropriate, loop your customers in on those changes.
Keep in mind that blockchain technology hinges on transparency. Keep things transparent in your communications with staff and customers, too.
As long as you follow these steps, monitor your success with blockchain, and make changes accordingly, you're sure to benefit from this technology. The technology may be new, but there's no reason to shy away
What Will You Do With Blockchain Implementation?
As with any new technology, the full scale of what blockchain can do hasn't been explored yet. When you implement blockchain technology, you're putting your business at the front of the pack.
Start today, and see how far the blockchain can take you. If you wait too long, you're giving up the advantage to competitors who are already implementing this technology.
Interested in learning more? Contact us today!