Notes

Blockchain for business: how to implement it

Blockchain implementation requires knowledge of the technology's decentralized ecosystem.

By following these tips, you can simplify your blockchain implementation while maximizing ROI and results.

1. Real blockchain developers openly play with their tokens

Since blockchains are decentralized ecosystems, no one party controls the network and everyone participates equally. This is only true for public blockchains, particularly Ethereum.

Blockchains on the surface look like managed networks, but users are wary of a system where the controlling entity can change the rules at any time. Therefore, public blockchains are a good choice for generating value in a well-configured ecosystem where no one controls the network.

2. The best technology may not always be the best option

The public blockchain market is crowded, as there are many options, such as Bitcoin, which has become a digital gold standard, and Ethereum, which has many developers among the rest.

Depending on the criteria for measuring blockchains, there will always be better PCs and mobile operating systems than the ones you are currently using. You don't have to look for the best one. All of that doesn't matter, since best depends on context. Users and developers always choose the systems that have the most developers. Do your practical application development on the network with the most buyers, sellers, and investors.

Don't listen to anyone who says Ethereum is congested. In the same way, they claim that Venice has become too crowded because it's too crowded.


Rules for blockchain success

Consider blockchain in terms of its native technology

Similarly, blockchains have smart contracts and tokens like companies. Those companies who translate their legacy vision into blockchain-native concepts achieve the best results with blockchain implementations. Tokenization and smart contracts replace moving documents back and forth.

Think of something like a purchase order for widgets to illustrate this concept. Basically, it is a document that outlines a price for a set number of widgets. Using a blockchain, we can exchange information between buyers and sellers as participants, or we can create a smart contract that trades widget tokens for money tokens. It can sound similar, but they are actually two different things. On blockchains, documents are worthless. A token can be traded, bought, sold, financed, and lent against.

We can move value as easily as we move information if we send documents back and forth. Imagine moving documents online to illustrate this point. It is similar to being sent a picture of a page, rather than a text, by a web server. Both can be read by people, but the PDF is also searchable and indexable, which means a search engine can find it. In this scenario, the text-based HTML document is the blockchain, which can be accessed by searching it with a search engine. In the web ecosystem, one approach is fundamentally much more useful than the other.

Resolve a problem that actually exists

Blockchain implementation can be a waste of time and money if we try to fix something that isn't broken.

Using How to regulate a crypto to send documents back and forth fails to make use of one of the key ideas, that we can move value as easily as information.

It is the successful blockchain projects that create real value that solve actual problems today rather than just laying the foundation for future problems. How to regulate a crypto -picture view of problem-solving is fine, but rarely works. As a result, over and over again we are building platforms on products that solve one small issue but do it very well.

Building a system to solve a new problem that has not been solved by existing technology is the best way to breed more success.

A shared business logic and multiple parties are the key components of the best ROI opportunities

Due to their decentralized nature, blockchains are ideal for integrating business processes between companies. These systems allow for the sharing of information across multiple parties and the inclusion of business logic within those shared processes, unlike other exchange systems such as electronic data interchange.

For example, when you buy goods, you usually work with a seller, buyer, and shipper. There are shared rules such as volume discounts and rebates, as well as scheduled pickups, making this an ideal candidate. It becomes more valuable if you can allow subsidiaries or partners to purchase from the same contract. A volume discount, for example, must operate across firms rather than just within a single ERP system, since it occurs at a network level.

Enterprises rarely deploy blockchain systems since decentralized systems are more complex and expensive to design than centralized ones. There is usually enough shared rules within most companies to make a centralized system the faster and cheaper alternative.

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