Notes

Implementing Blockchain in your business 2022
In order to learn how to implement blockchain technology, you must have a clear understanding of its decentralized ecosystem.

By following these tips, you will simplify your approach and ensure you achieve the best ROI from implementing blockchain.


A real blockchain developer plays with their tokens in public

A blockchain network is decentralized and everyone participates based on the same rules, so no one party controls it. This is only true for public blockchains, particularly Ethereum.

Despite appearing like blockchains on the surface, private blockchains are controlled networks, and they have not achieved the same success because users are wary of a system where the controlling entity is allowed to change the rules at any time. Consider a public blockchain to create value in a well-populated ecosystem where the network is uncontrolled.

2. It is not always the best technology that is the best option

Blockchains are available in many different forms, including Bitcoin, which is valued as digital gold, and Ethereum, which has more developers than any other.

A better PC and mobile operating system, a better networking technology than the internet, and a better blockchain will always exist, depending on the measurement criteria. There is no need to search for the best. All of that doesn't matter, since best depends on context. Systems with the most developers and users always win. It's best to develop practical applications on the network that has the most buyers, sellers, and investors.

Do not listen to people who say Ethereum is congested. It is the same people who say nobody goes to Venice any more because it is too crowded.

Rules for blockchain success

Take a native blockchain technology approach

Similarly, blockchains have smart contracts and tokens like companies. Successful blockchain implementations are those where companies translate their legacy vision into blockchain-native concepts. They shift the focus to smart contracts and tokenization instead of moving documents back and forth.

Consider a purchase order for widgets as an example of this concept. It can be regarded as a document or as an agreement to buy a certain number of widgets at a particular price. The information can be passed back and forth as participants on a blockchain, or a smart contract can be created to exchange widget tokens for money tokens. Despite the similarities, they are two very different worlds, though they may seem the same at first. Blockchains make documents worthless. The token, on the other hand, can be bought, sold, financed, or borrowed against.

The idea of moving value as easily as information is one of the main ideas behind blockchain. By simply exchanging documents, we miss out on one of the key ideas behind blockchain. Let's say that you are moving documents online. The exchange of documents is similar to being sent a picture of a website instead of the actual text. How to regulate a crypto -based HTML document, or blockchain in this scenario, is also searchable and indexable, so search engines can find it. A particular approach is fundamentally much more useful in the web ecosystem than a different approach.

4. Repair something that is actually broken

If you are trying to implement blockchain, fixing something that's not broken is a waste of time and money.

Documents are sent back and forth without taking advantage of one of the key concepts of blockchain, that of moving money.

Blockchain projects that create value solve real-world problems as opposed to simply laying a foundation for future problems. It is nice to have big-picture ideas for solving problems, but they seldom work. Technology's history shows us repeatedly building platforms on products that solved one small problem very well.

Having created a successful system requires selecting a new problem that can't be solved by existing technologies.

The best ROI opportunities involve multiple parties and shared business logic

The decentralized nature of blockchains makes them ideal for integrating business processes between companies. Unlike electronic data interchange, they allow information to be shared across multiple parties as well as business logic to be included.

A good example is a transaction where a buyer, a seller, and a shipper participate. In addition to volume discounts and rebates, scheduled pickups make this a great option. Incorporating the concept of allowing a subsidiary or business partner to purchase off the same contract increases the value of the system. A volume discount, for example, now needs to be applied across firms rather than within just one ERP system.

Enterprises rarely deploy blockchain systems due to their complexity and cost, since the engineering of decentralized systems is more difficult and costly. On a company level, most organizations are usually able to agree on enough shared rules to make a centralized system faster and cheaper.

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