How to kick off a blockchain project?

The buzzword of the year, blockchain is becoming an exciting technology for businesses to explore. However, its implementation requires solid knowledge, technical background and a serious consideration which may pose as a challenging task between all the hype. We`ve got you covered!

Netis Group
Aug 23, 2018 · 4 min read

Why does decentralization even matter?

We live in an ever more connected world, where every device we own has an access to the Internet. But, all of our data architecture is client-based and centrally-stored on one device or a cloud. This raises the question whether they are protected against any form of corruption, external or internal, man-made or machine failure, on purpose or by accident. Compared to traditional ledgers, where all of your company`s information sits in one place, blockchain represents a network of trusted computers, called nodes, that maintain collective, consensus-based system to manage, transact, verify and validate data blocks.

What is blockchain technology stack comprised of?

If Internet is the foundational technology layer, blockchain can be described as the driving force for the new generation of Internet. Its technical backbone has the ability to form and reach consensus among different parties via algorithmic software, bringing trust in peer-to-peer transactions without middleman. From a technical point of view, its innovation relies on three concepts — peer-to-peer cryptography, distributed consensus and random mathematical challenge.

Is blockchain the right solution for your company?

Blockchain architecture has the potential to simplify the business operations for all parties involved. However, different businesses have different requirements. To successfully deploy blockchain into your organization, you should firstly define the actual issues in your current operational processes and strive to get a comprehensive understanding of your target customer or, better say their problem you wish to solve. Further, you should evaluate the practical potential blockchain carries for your organization and its commercial applications. These questions might help:

  • Do all of your stakeholders use the same data format?
  • Do you all agree upon the relevant rules and roles of business processes?
  • What aspects of data communication does your protocol cover?

From an idea to MVP

Blockchain is a step towards building a more independent, peer-to-peer system and can become a unified protocol that a company or consortium would use to write and read data. To really understand its benefits for your organization, we advise you to start small, choose a point problem and deploy a Minimal Viable Product, which will help you understand a particular blockchain solution in detail and, help you evaluate whether this is a direction you should pursue. In other words, MVP is the most basic version of a product, helping you find out if its valuable enough for your organization to pursue, but we will get back to this particular topic in our future blog posts.

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Netis Group Blog

Transforming big blockchain ideas into a game-changing reality.

Netis Group

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Netis Group Blog

Transforming big blockchain ideas into a game-changing reality.