3 Rules for Blockchain Adoption in Business
Are you interested in adopting blockchain or distributed ledger technology in your business? This article is to help outline a couple of steps or rules to follow as you start your journey into the rabbit hole that can be blockchain technology.
- Make sure the problem(s) you are trying to solve are well defined.
I've assisted with several blockchain-focused projects since 2011 and “scope creeps” can become very real, very fast. In an industry filled with passionate people, many of which work for sweat equity, ideas get generated quickly and can derail a blockchain implementation project. It is also important to keep in mind that blockchain technology is not a fix-all solution. Just because things can be put on a blockchain doesn't mean that should or that it will improve things if they are. Identify the largest issues your current system faces and list them by priority. You need to have a clear understanding of the problems you are attempting to alleviate by exploring blockchain implementations before you go down the road of even putting a project team together. The list of issues can grow or decline based on research done later in the project but a good initial outline is an absolute must.
2. Research different blockchain or platform options.
Before digging into the world of blockchain technology, it’s important to understand that “blockchain” is not a one size fits all solution. There are a myriad of different options at this point, Bitcoin is just one of tens of thousands of blockchains currently operating. Public vs private blockchains, primary vs secondary or side chains, etc. The range of options available means that it is extremely important to do your research upfront. What limitations are there on the options yours looking into. Common limitations are things like transactions per second capacity, block size, community/developer support, and current adoption level. For example, if your business is tasked with regional logistics management with a low volume or orders but with a high need of accuracy of your records. Choosing a blockchain that is only known for its ability to process one hundred thousand transactions per second could potentially work to bring your project to fruition but there might be many better options available out there with a little more research.
3. Build your team, slowly.
Slowly is the key word here. The moment you put a search in google for blockchain developers or programmers, crypto consultants, lawyers, or accountants, you'll be inundated with results and everyone promising the world and perfect results. Don’t be quick to make a choice. Ask a lot of questions, ask for references, and get involved in the community. Rather than just hiring someone right away to get things done quickly, take time to build an organic network of connections. Most of the successful projects I worked on, the teams came together on their own based on work ethic, passion, and ideas, money became a part of the discussion later on. Like most things in life, if someone you are entertaining for a position on your blockchain deployment team is promising results and garaunteeing the world, make sure you think twice and evaluate your options.
This list could easily be the “30 rules for blockchain adoption in business” but I felt this was a great introduction to the idea of exposing your business to blockchain implementation projects. If you are interested in discussing more, feel free to comment or send a message. Forget to follow and check out one of the NFT Gaming projects I am helping build as well.