4 Steps for Successful Blockchain Business Strategy Implementation

Step 1: Identify Underlying Issues and Set Goals

  • Take a closer look at a business and identify an issue that can leverage blockchain capabilities.
  • Identify all use cases your blockchain can leverage
  • Come up with new use cases that might make the technology more useful.
  • Finalize the list and set up the goals that blockchain technology must achieve upon implementation.

Step 2: Develop Proof of Concept (POC)

  • Brainstorm with team to come up with an ideal for blockchain solution.
  • Sketch a POC upon brainstorming based on the result.
  • Develop a schedule / possible release date for implementation and work it on.

Step 3: Build and Trial Blockchain Solution

  • Build a prototype according to the POC.
  • Test out the blockchain solution in real life situation.
  • Evaluate all the errors and successes and try to polish the blockchain solution based on that.

Step 4: Roll out Blockchain Solution and observe

  • Roll out the blockchain solution on the market, upon carrying out tests.
  • Check out to ensure that is meets all the required benchmarks.
  • Showcase your product to the world.

Blockchain Implementation Models

  • Public Blockchain
  • Private Blockchain
  • Hybrid Blockchain
  • Federated Blockchain