Building Blockchain; Evaluate, Engineer, Execute — Part I.
Enterprise-wide Blockchain Innovation

Introduction
PART I: Welcome to a “Blockchain Networked World”
In Financial Services today, Blockchain is undeniably spreading its roots throughout the very foundations of the industry — and far beyond. Innovation leaders in Blockchain technology are making game changing strides forward that will mold the future face of global industries - financial services being just one of them. In the past several months, we have seen precarious ‘Proofs of Concepts’ (PoCs) make miraculous inroads to addressing and solving massive pain points for incumbent market participants. Soon every global organization will be using Blockchain — but how will Blockchain’s connected hyper-ledger begin to change business?
So welcome to the ‘Blockchain-Networked World’. Let’s take a simple walk through what that will feel like — and allow — for the customer. How about in home buying, for instance. Imagine a scenario in which the entire history of a property’s passing from one owner to the next is indelibly etched in the encryption of a Blockchain? Will that clarity alleviate the need to purchase Title Search and Title Insurance capabilities with the click of a button? Possibly. And what about historic, home maintenance information? Will information evidenced on a Blockchain be able to make the history of a home’s health transparent — in real-time? What about knowing how weather has affected your soon to be new home over the last 100 years? Would that change how you buy, and what you’ll pay for, insurance? Welcome to the wonderful world of Blockchain.

Blockchain’s New Beginnings
Financial Services firms today recognize and accept that data management and analytics are critical to their competitive advantage going forward. Most institutions are aware that they must respond quickly to catch up with new entrants and early adopters, but getting started with Blockchain is not as straight-forward as deploying earlier technologies may have been. Organizations need to develop deep competencies and methodologies to determine how best to matriculate this emerging technology into core banking platforms. Its key to be certain at the very start, which areas of a firm are best suited for the technology, which use cases to tackle first and whether, as well as how, strategies should incorporate engaging with partners to achieve desired outcomes.

Old ways of approaching technology transformations will not work going forward. ‘Silo-ed Blockchain’ is an oxymoron — that means organizations must change. And if you think re-imagining technology, rebuilding platforms and re-architecting enterprise wide process flows is hard work — you’ve never tried to change culture. Blockchain will require a new type of strategic technical thinking never before required — or even tried. Pramod Anchanta, Founder of IBM’s Blockchain Forum recommends firms start thinking seriously about how Blockchain can, and will, change their organizations — as well as how to embark upon, and optimize their unique Blockchain journey from Evaluating and Engineering to Execution.

Stay tuned for “Building Blockchain — Part II” and learn how the experts are evaluating, engineering and executing emerging Blockchain technologies… real-time!
