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March 24,
2020

How to Develop Your Tailored Blockchain Strategy?

As the blockchain technology matures, it is also getting more and more attention across industries. An increasing number of business leaders is therefore now challenged to envision the blockchain strategy to improve their consumers’ lives and business operations within their organization.

If you too wish to start with blockchain within your organization, your leadership, management and employees first need to share the understanding of the technology, as this will help you get a better picture to what the blockchain can do for your particular business.

Follow these steps to implement a blockchain into your business:

Understand the Technology

Before you start thinking in your own cases of use for blockchain, you first need to come to the agreement what blockchain is, and even more importantly, what it isn’t. Namely, blockchain is not a cryptocurrency, it is not a programming language, nor even something as a cryptographic codification. On the contrary, blockchain is a whole new technology that enables you to store any kind of information in a sequence of blocks (or a group of transactions) which are then chained together and distributed among the users. As such, blockchain basically forms an immutable record of transactions that don’t depend on an internal or external authority, making the implications of the technology so far-reaching. In other words, blockchain allows you to create an immutable system for recording in which users rely on the technology itself to ensure the integrity and authenticity of data.

Explore the Business Potential

The blockchain technology is constantly evolving; nevertheless, its basic use remains the same, and that is to support global businesses to be more efficient and effective. Therefore, the blockchain is best used in scenarios in which diverse stakeholders form a collaborative, simpler and transparent network to share data and transactions, which represents a key shift from the majority of systems in use today. Besides increased transparency among business partners, such systems are also beneficiary for their customers who, in addition to gaining faster, safer and more reliable digital services, also greatly benefit from newer, more affordable and flexible offerings.

In short, blockchains for business are mainly used to:

• reduce costs of trust and coordination with external parties
• unlock new business models through multi sided-markets and digital assets
• improve business network accountability and operational efficiency
• future-proof businesses against older process models

Important! : Digital identity wallet

The idea of a digital identity that would allow the end user to sign up for multiple services from one point is not new, however, up to this point, security has been its biggest challenge. As a bullet-proof security system that allows us to store and manage sensitive (personal) data and as such, blockchain represents a technological backbone to develop and lunch a number of secure digital services, which are in an increasingly high demand. To help your business improve the process of identity verification, we have developed a portable identity on blockchain AceID, check it out.

Define Your Individual Blockchain Strategy

Blockchain is more a strategy matter than it is an IT matter. The technology can fit to any business, and offer answers to different business objectives. The key task here is in figuring out how you can leverage the technology in your own, unique way. Rather than artificially creating the problem for the sake of using the blockchain and being “in trend”, focus on real problems that need to be solved by asking yourself the following:
– Where is your organization using intermediaries that could be replaced with blockchain technology in favor of reduced costs and a more direct customer relationship?
– Where within your value chain is trust and transparency particularly relevant?
– In comparison to traditional monetization models, where do micro-payments and cryptocurrencies fit into your vision?
– Where and how would ID wallets fit into your authentication processes?
– Who among your business partners could offer a complementary set of solutions and be interested in creating a trust network to benefit both?

Start small by Identifying a low-risk pilot project

There are companies that clearly know how they want to use the technology. For others, it is advisable to conduct in-house workshops, either alone or with the help of experienced blockchain consultants, to identify those areas hat could be promoted and improve with blockchain. After you define and narrow down the search, carry out a smaller, low-scale prototype to evaluate in practice how the case works, how big an intervention this is for your business, how much expertise and resources you already have or need to continue and what steps are needed to develop a fully-working solution in the scope you are aiming for. We highly recommend you to take an iterative approach as this will help you validate your vision, pivot in time and test your solution to make sure it is ready for launch.

What can AceBlock help you with?

We specialize in blockchain consulting and development, and combine our extensive business experience with top-notch expertise in applying blockchain solutions. We offer private and public blockchain development, audit and contract developments with a focus on private networks, SSI and consensus design with blockchain solutions in fintech, energy, healthcare, tourism and other industries.