Building Blockchain Businesses: Block by Block

May 8, 2019 · 6 min read

By Elise Leise

Image for post
Image for post

Whether you’re a startup seeking to capitalise on blockchain’s potential or an established business aiming to remain on the cutting edge of technology, it’s time to launch your blockchain-related projects into consumer markets. According to Cognizant’s recent global survey of 1,520 executives, businesses agree that they should take steps to aggressively invest in blockchain-based innovation. Yet, many will fail to do so due to a lack of knowledge and skills. For that reason, we’ve created a simple road map to guide you through the initial steps of building blockchain into your business.

A quick note before we begin: although blockchain has now been around for a decade, it’s matured over the past few years from a highly volatile, get-rich-quick technology into a sphere filled with developers, financial experts, and intrapreneurs who are in it for the long haul. Blockchain, rather than remaining a pipe dream for would-be millionaires, is now an integral aspect of many a Fortune 500 business’ innovation strategy.

According to Cognizant, it’s a necessary step for you to take to keep up with a rapidly changing digital world. To all the businesses that are still testing proofs-of-concept (POC) internally, the digital consultation company criticises the hesitation to launch solutions; instead, declaring that “the stakes of blockchain are too high for financial services firms to take a wait-and-see approach.”

That’s why we advocate starting small, building upon your capabilities, and testing in the real world to make the intimidating task of getting familiar with blockchain effortless.

Block By Block

Evaluate the benefits of decentralization

Analyse blockchain use cases

If you’re interested in running through the full range of options, here’s a comprehensive list of 21 potential use cases.

Use cases help you determine what blockchain can and can’t do for your company. Yet, while it’s valuable to explore all the options, you eventually have to decide which use case is best suited to meet your business goals. To do so, it’s often useful to get advice from your IT department or reach out to a blockchain consulting group.

Select the appropriate platform

With this mindset, you leverage the unique strengths of each blockchain platform while distributing risk in the case that any single platform fails. For instance, one of Japan’s largest banks, Mizuho Financial Group, uses Ethereum for smart contracts, Interplanetary File System (IPFS) for decentralised file transfer, and BigchainDB for decentralised storage.

Communicate blockchain benefits to stakeholders

Your blockchain-based business shouldn’t originate from IT and remain misunderstood by business sponsors and other key stakeholders. When you involve strategic partners, the people who matter will understand the bigger picture and the role blockchain can play in achieving your business goals.

Set clear objectives independent of cost-benefit analyses

How does blockchain fit into your 2030 roadmap?

To give you some ideas, executives and companies in Cognizant’s study cited improved data management, greater transparency, improved risk management, increased speed of digitisation, and process automation as the most compelling reasons for implementing blockchain.

Secure talent and expertise

Whether you’re building a team from scratch or considering hiring a few additional blockchain professionals, it’s best to consider developers, technology architects, finance experts, and media specialists whose expertise collectively lies in risk management, cryptography, product strategy, and analytics.

“Easier said than done, you may be thinking. Yet, according to LinkedIn, the number one emerging job in 2018 was that of blockchain developer, and a Leathwaite report claims that if you offer a supportive work culture, equity in the blockchain-based project, and locate in a hub for rising professionals, you’ll be able to source strong candidates.

Road-test new processes

“They say no plan survives first contact with implementation. I’d have to agree.”

— Mark Watney, The Martian

If there’s one main idea you take away from the block-by-block concept, it’s that adding blockchain capacity to your business model is a process. First, develop a proof-of-concept, or pilot, to give your team expertise in dealing with the technology. Then, present your master plan to senior management and start road testing blockchain slowly but surely. Finally, once you have a clearer idea of the issues you need to address, you can focus on scaling up the solution and adjusting your processes in a way that complements blockchain’s natural strengths.

Three, Two, One…Take Off

Deliberate, Create, Iterate

Revain’s blockchain-based review platform for the crypto community encourages users to share their experiences via high-quality feedback. Positive reviews highlight your strengths and move your project or exchange higher in our ranking system, while user criticism helps you identify and overcome your stumbling blocks. Let’s put it this way: Revain enables your business to conduct market research and refine your blockchain strategy.

Remember, Rome wasn’t built in a day. When building the best blockchain-based business possible, block-by-block is the name of the game.

Join us!
|Telegram | Bitcointalk | Facebook | Twitter | Reddit | Website | Slack|


Reliable reviews at your fingertips

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store