Notes

Implementing Blockchain in your business

In order to implement blockchain, you must understand its decentralized ecosystem.

These tips will help you implement blockchain effectively and provide quality ROI.

Publicly playing with tokens by real blockchain developers

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

Despite their similarities to blockchains, private blockchains are controlled networks that have been less successful because users are suspicious of a system where a controlling entity can change the rules at any time. Consider a public blockchain as a way to create value in an ecosystem with a high population of users.

The best technology isn't always the best option

Blockchains are widely available, including Bitcoin, regarded as the gold of digital currencies, and Ethereum, which has the largest developers community.

Like there will always be better PCs, mobile operating systems, and networking technologies than the internet, there will always be better blockchains, depending on the measurement criteria. Let's stop searching for the best. It doesn't matter, because in this case, best is relative. In every case, the system with the greatest number of developers and users wins. Creating applications that are practical and generate value requires a network that has many buyers, sellers, and investors.

In addition, disregard claims that Ethereum is congested. The same people claim that Venice is too crowded now and that no one goes there anymore.

Rules for blockchain success

Make sure you think in terms of blockchain technology native to your country

Smart contracts and tokens are part of the blockchain, just as companies have business processes. Implementation of blockchain technology is most successful when companies translate their legacy vision into blockchain-native ideas. Crypto marketing and smart contracts replace documents moving 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. A smart contract can be created with an exchange of widget tokens for money tokens, or the information can be passed between the buyer and seller on the blockchain. It can sound similar, but they are actually two different things. As far as blockchains are concerned, documents are worthless. A token, however, may be purchased, sold, financed, and borrowed.

One of the core ideas of blockchain is that we can move value as easily as we can move information. We fail to take advantage of this by sending documents back and forth. Here's an example. Imagine you're moving documents online. It would be like having a web server send you a picture of a page, instead of the text, to read. Despite the fact that they are both readable by people, the text-based HTML document, the blockchain in this case, is also searchable and indexable. In the web ecosystem, one of these approaches is fundamentally more useful than the other.

Ensure that something is actually broken is fixed

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

Documents sent back and forth do not take advantage of one of blockchain's key ideas, that value can be moved just as easily as information.

A blockchain project that creates value solves a problem today instead of just laying the foundation for future problems. Problem-solving visions with big pictures are nice, but rarely work. Technology history has repeatedly seen us build platforms based on products that solved one small problem very well.

It is best to solve a new problem that has not been solved by existing technology and build a system to fix it since success breeds 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. Information can be shared across multiple parties and business logic can be included in the shared process, unlike electronic data interchange systems.

For instance, the process of buying goods usually involves a buyer, a seller, and a shipper. It is well-suited to this type of arrangement due to shared rules such as volume discounts and rebates. Incorporating the concept of allowing a subsidiary or business partner to purchase off the same contract increases the value of the system. Logic such as a volume discount should operate across firms, not just within 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. In most companies, shared rules can make a centralized system faster and cheaper.

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