Blockchain initiatives are expanding rapidly across industries, and implementing blockchain technology is part of a company’s transformational journey.
Eighty-four percent of executives use blockchain in their operations to some degree. However, implementing blockchain presents its own set of difficulties. It is strongly advised to implement in stages, considering the organization’s current situation and plans. Let’s see the blockchain implementation project plan guidelines.
1. Identify the use case
You must comprehend why blockchain technology is required for your company. To determine whether your company involves blockchain technology, consider the following:
- What problem will it solve?
- Why does my company need blockchain technology?
- What goals and objectives must be met after implementing blockchain technology?
2. Create a proof of concept
Creating a proof of concept will assist you in determining whether this technology is critical to your business. Even better, ask yourself the following questions:
- What problem is my company attempting to solve?
- What are the expected outcomes of blockchain implementation?
- How can I apply this technology to transform my company?
3. Choose the blockchain platform
Among the most popular blockchain platforms are:
- Ethereum: determines the business’s potential growth rate
- Quorum: eliminates data tampering in business transactions
- Hyperledger Fabric: creates business-specific private blockchain applications
- Stellar: creates applications for companies and organizations
- Corda: make direct transactions with complete security using smart contracts
- Open chain: maximizes all aspects of a company’s human resource management
- Multichain: professional human resource work is optimized
When selecting a blockchain platform, check to see if the technical team is well-organized and if they have an open-source station. The platform should also be within your budget. Transitioning from a successful proof of concept to full-scale implementation is complex for governments and businesses. As a result, the following factors must be considered:
- Business leaders acquiring a general understanding of technology
- Developing a strategy and vision for the use of blockchain technology
- Engaging with regulators to achieve clarity and stability
This assurance will aid in the realization of the promised tangible benefits.
4. Choose the proper consensus protocol
In a distributed network, the consensus protocol alone can create an unbreakable system of device agreement. Examine the various available consensus protocols.
- Proof of Work
- Proof of Stake
- Delegated Proof of Stake
- Byzantine Fault Tolerance (BFT)
- Proof of Weight
5. Build an ecosystem
When stakeholders participate in blockchain technology, it performs best. However, to establish a new industry ecosystem, a community within an organization is required because it can understand the potential of technology and improve standards and rules.
According to PwC, stakeholders decide the rules, ensure the benefits and costs, use the appropriate control framework, confirm the governance mechanism, and audit and validate the blockchain functionalities. The following are the steps to creating an ecosystem.
- Start with smaller ecosystems
- Find a community
- Conduct a competitive analysis
- Standardize data with a robust governance
6. Determine rules of engagement and navigate uncertainty
The new blockchain ecosystem should address the organization’s problem while adhering to the processes. Concerns about privacy, compliance and cybersecurity must all be addressed. Otherwise, the ground processes may have to be redesigned. According to PwC, businesses must comply with emerging blockchain policies and best practices while monitoring regulatory evolution. The following are the main plans.
- Confront risks
- Consider privacy implications
- Use current regulations
- Monitor evolving regulation:
Conclusion
The new blockchain ecosystem should address the organization’s problem while adhering to the processes. Concerns about privacy, compliance and cybersecurity must all be addressed. Otherwise, the ground processes may have to be redesigned. According to PwC, businesses must comply with emerging blockchain policies and best practices while monitoring regulatory evolution. The following are the main plans. Contact SmartOSC for advice on the most suitable solution if you have a blockchain implementation project plan.
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