Successful Enterprise Blockchain Implementation
Although the initial purpose of blockchain technology was to cater to the market for digital currencies but its uses have expanded to the corporate scale. The developers quickly realized that blockchain is a versatile technology that has many uses than just the crypto industry to improve the efficiency of businesses.
The technology utilized to manage business operations is referred to as enterprise blockchain. Enterprise blockchain is a great way to increase the level of trust, transparency and efficiency in everyday company transactions, whether in-house or with partners from the outside and customers. The technology is able to be utilized in nearly every sector and is projected to expand by 64% in the next five years.
However, the way to implement it should be carefully planned to ensure its effectiveness and success. If you’re looking for ways to implement blockchain successfully in your company In this article, we’ll explain the steps necessary to make sure that you are on the right track and the possible advantages.
How do you define enterprise Blockchain?
A company can make use of blockchain enterprise to improve the workflow process and other processes at a larger scale. This includes making international payments to employees and merchants as well as tracking the flow of goods through the supply chain, and managing documents.
Contrary to public blockchains data stored on the enterprise’s blockchain is more limited to a specific company or group. However, just like public blockchains they utilize cryptography to safeguard transactions from manipulation. These are steps you need to follow to ensure that the implementation goes smoothly.
Determine the use case you are using
You must have a need-to-know to ensure a successful implementation and that your business reaps the maximum benefits from blockchain technology. What is the area or capability you plan to implement blockchain technology in your company? It could be for ways to simplify the management of documents and identity verification, impacting payments or streamlining the supply chain.
Understanding what you would like to achieve using blockchain technology will help you pinpoint the issues you would like blockchain technology to address within your company. For instance, a document blockchain solution could be the solution to improve the efficiency of your documents, storage sharing, retrieval and storage. In other words, you cannot create an effective solution without having a specific requirement in your company.
The best approach is to begin with a single application and then expand it to other areas that you may need to. Begin with small-scale uses cases, and examine them thoroughly to determine the way they function as well as their user-friendliness and the outcomes, before moving on to implementing blockchain into other areas.
Create proof of concept
The Proof of Concept is the procedure your company uses in the implementation of blockchain. It’s a feasibility assessment of how blockchain technology can be integrated into your business. Like any other business plan, POC requires careful planning that includes:
- Establishing guidelines to describe the blockchain project you’re implementing
- Create a prototype to test the design, architecture, sketch and the code
- Test the prototype to learn how blockchain can be used within your company
- Determine what is the minimal viable item and integrate distinctive features into your company.
When creating POC to use for blockchain in enterprise, it is important to be prepared for the outcome you wish to attain. That is why you should revisit your usage case to determine the issue you wish to address in your company.
Choose a blockchain platform
One of the key choices in the implementation of enterprise blockchain is choosing the right platform that you can create your application. The first step is to be aware of the current blockchain-related platforms as well as their most effective applications, their scalability, security and user-friendliness. Furthermore, you’ll have to take into consideration other aspects including your budget.
Select a platform that has the track record of providing efficient and practical solutions for your particular industry and. It is recommended to conduct thorough research about the strategies that industry leaders in your field are using to assess the efficacy of a platform. It’s crucial not to do something that isn’t in line with the norm when applying blockchain technology to avoid any unnecessary problems.
Choose the Consensus protocol
It is also necessary to create an agreement system within your network. This will ensure that all participants of a transaction reach agreement on the stability of the blockchain as well as the introduction in new blocks. There are many options to choose from, such as:
- Evidence of Work
- Prove of Stake
- Proof of History
Integrations with partners on the way and integrations built
Following that is to create an ecosystem around your blockchain, to ensure all parties are on the same team. This is especially true when you are using blockchain technology in those involved in supply chains, where multiple stakeholders must work together. It’s tempting to change to a blockchain-based enterprise process completely but you’ll need to use the old processes before you can fully shift.
It’s recommended that you integrate your existing systems, especially if you are still partners who depend on these systems. This will allow you to keep crucial business relationships as you gradually shift technology in a manner that everyone can be at ease with. But, a successful blockchain implementation is only possible by ensuring that a seamless integration with current processes and systems is in place.
Deploy your enterprise blockchain
Then, you must implement your decentralized applications to your Blockchain platform. This is where you place your Apps on the main chain. Success of the last phase is entirely dependent upon the previous steps mentioned above.
Blockchain implementation requires extensive research, meticulous planning, and a consultation to experts within the area. According to research it will aid you in staying on the right path and avoid the common mistakes that lead to more than 90% of blockchain projects failing. Be sure to determine the correct application and the appropriate platform for your solution.