Because of the explosion of bitcoin, blockchain’s rise to prominence has prompted a flood of professionals from various industries to make the switch. Below are essential elements of a successful blockchain project proposal.
1. The team
Any venture, blockchain-based or not, benefits from having the right team. About blockchain projects, in particular, we have observed countless teams that either believe they possess sufficient blockchain expertise without a C-level specialist (they do not) or believe that because they are blockchain experts, they can instantly disrupt any industry they choose.
One organization that comes to mind as a good illustration is HealthChain, one of the advisors at Columbia Accelerator. Co-founded by a well-known thought leader in cardiac surgery and a highly successful medical tech entrepreneur (formerly a heart surgeon), it uses blockchain to address the supply chain issue for medical devices. The business has extensive knowledge of the industry it wants to disrupt and the technology it intends to use when working as a team. All successful blockchain projects require that kind of blockchain and industry knowledge combination. A recipe for failure is having an interest in a field but lacking knowledge.
2. The industry
You won’t succeed if you try to bring blockchain to an industry that doesn’t yet have a use for the technology or doesn’t need a good shakeup. As we previously stated, the healthcare industry is in a state where all its flaws are visible, and people are open to change. Through the Columbia University Blockchain Accelerator, we also got an in-depth look at Nirvana Labs, another healthcare project that aims to disrupt the healthcare industry. It recognized the potential for blockchain applications in healthcare.
And during the coronavirus crisis, the issue it was resolving in the healthcare sector became so pervasive that the industry had to adopt a solution for automating prior authorization.
Avoid attempting to “revolutionize” an industry that is already very technologically advanced, profitable, and/or operating effectively. It will not work. I’ve seen a lot of intelligent people launch blockchain projects that, when they did, hit enormous brick walls, not because they didn’t do a good job but rather because the industry they were trying to enter was never going to be open to them. Go straight into a sector like healthcare.
Conclusion
Blockchain is still in its early stages, according to most experts. However, we are living in an exciting time. Massive multinational corporations are investing in blockchain to varying degrees, and this trend will continue. If you had asked us five years ago if you should start a company based on blockchain technology, we would have given you mixed signals. Today, the maturation and adoption of technology have made it a very appealing space to be in. With the right team and industry, the infrastructure for success is now more than ever.
Furthermore, even if you aren’t looking to start your own business, the successful blockchain project proposal is expected to skyrocket in 2020, thanks mainly to its resilience during the Covid-19 economic downturn. So, look to SmartOSC to deploy a complete blockchain service from A – Z.
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