You're probably tired of hearing the term blockchain everywhere. Characteristically related to the world of cryptocurrencies, its applicability has now shifted to another sector that knows how to take advantage of it: business
The implementation of blockchain technology is an increasingly recurrent part of the digital transformation processes of today's organisations. These blockchain initiatives are not only completely transforming the way organisations operate, but are beginning to pose challenges of their own.
For all these reasons, it is advisable to implement and develop this technology in the best possible way, considering the situation and plans of each organisation. Today we bring you some key tips that will help you achieve all those blockchain development goals you want to achieve in your company.
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Blockchain in the business world: how it works
First of all, it is important to have a clear and structured idea of how this technology is applied in the business world.
According to InfoTechnology, blockchain technology is "a shared database that functions as a ledger for recording operations of any type of transaction". This record can be shared by a multitude of users in peer-to-peer (P2P) mode and allows information to be stored in an immutable and organised way.
Blockchain technology offers a secure and reliable way to carry out transactions, and one of its great advantages is the uses it can be put to within an organisation: from identity and access management to the verification of intellectual property or transparency in the supply chain, blockchain has a large number of applications that can improve business efficiency and security.
This new way of carrying out different processes within an organisation is an invitation to leave behind outdated beliefs and paradigms, and put the spotlight on this new technology that can completely transform the way organisations operate today. The blockchain has the potential to end centralised power and absolute control over our information, eliminate geographical barriers and build a more united and collaborative global community, as well as democratise access to information and control over money, allowing transactions to be carried out in a secure and transparent way.
why is blockchain development important for businesses?
why are more and more companies betting on blockchain technology? The answer is very simple, and is given mainly by 3 key aspects that make this technology an ideal element for companies:
- Security: this has become one of the most serious problems of traditional information systems. Fortunately, it is also one of the factors that blockchain technology promotes. The fear of being hacked and being a victim of document theft is a very common problem in today's companies. However, blockchain technology is responsible for breaking all these concerns. Security is a component that fosters trust between a company and its customers, because if your business is secure, your customers will also place their trust in you.
- Transparency: This is a critical aspect in the evolution of a business. The problem for many companies is the lack of transparency, which can lead to the loss of many customers. If they see something unusual and the problems of the company are not clear, they will not trust it.
- A third party is not required for trustworthiness, so several companies sharing an issue can handle it without a third party acting as a "notary", saving money and eliminating unnecessary dependencies.
6 tips to achieve your company's blockchain development goals
Identify and organise your needs
This is an obvious step. To successfully adopt blockchain technology, the first step is to identify and organise your needs. What problems do you want to solve? Will blockchain solutions help solve them?
As with most innovative projects, the recommendation is to start small and scale up if the results are satisfactory.
Asking the right questions is one way to identify potential cases of abuse. Here are PwC's recommended questions:
- how is blockchain technology disrupting business?
- is the technology durable, scalable and secure?
- what are the market implications of blockchain technology?
- how does blockchain technology save costs or improve customer service?
- how should blockchain be governed and managed?
- are we considering a three- to five-year blockchain development strategy?
Don't close the door on hiring external consultants
Blockchain consultants have the knowledge and resources to provide strategic advice on the implementation of blockchain technology. This gives companies in-depth knowledge of the latest and most successful uses of blockchain, so they can benefit from working with experts who have real-world, practical experience of implementing blockchain technology.
Hiring external blockchain consultants can significantly reduce the likelihood of project failure, increase speed to market and save costs. These results would be virtually impossible to achieve otherwise, given the fierce competition for blockchain talent and the inability of most companies to attract it. In addition, blockchain consultants understand not only the blockchain architecture, but also its scalability potential, which will be necessary to help you achieve your long-term business goals.
Plan for short-term returns
Many companies view blockchain development as a long-term business strategy, with little regard for short-term gains. Because they often lack the foresight to determine what the end results of a blockchain implementation will be, they run the risk of not seeing a return on investment quickly enough to prevent their projects from failing.
As a result, companies must also consider what blockchain technology delivers in the short term. In many cases, the answer is cost reduction. Once short-term profitability is achieved, projects can be scaled up to deliver more transformative results in the future.
Stay true to your vision
When your organisation made the initial decision that the time had come to implement blockchain, your reasons for doing so pointed to your organisation's long-term goals. While changing market conditions may force you to adapt your strategy or refine your approach to blockchain implementation, it is paramount that you stay focused on your long-term vision. If a change in your vision is required, be sure to do so with the understanding that blockchain technology itself is evolving.
Make continuous reviews of your strategy
A key factor influencing the success of an organisation's blockchain strategy is the regular analysis of implementation results and the ongoing review of strategic plans. It is important to periodically review the implementation plan and assess the progress you are making. When deviations occur, there should also be mechanisms in place to bring the plan back on track. When challenges arise, it may be necessary to adjust one or more of the objectives of your blockchain development strategy.
Keep abreast of blockchain developments and incorporate them into your strategy
Assessing the current state of the blockchain industry is key if you want to develop an effective strategy for your business. There are significant new developments in this space every day. In addition to developments occurring in core capabilities at an industry level, there are also developments from an academic and regulatory perspective.
Having an effective blockchain development strategy in your company is not a difficult task, especially if you follow the previous steps. It requires time and dedication, like any other project, but the results you can get from it are extraordinary. In Occam we also have an area specialised in blockchain development, so if you have any questions and want to solve them, do not hesitate to request a consultancy with us.