How To Integrate Blockchain Technology Into Your Business Project
Hats off to His Cryptomajesty Blockchain! To many businesses' joy, the concept of a solution providing secure capital access, real-time automation and potential investor influx get more and more popular. Some specialists say that we are in the midst of a new gold rush related to blockchain technology. Well, let the coins fall where they may!
About a decade ago, Satoshi Nakamoto, a person (or a group) created Bitcoin, released an eight-page-long research paper that succeeded to disrupt banks and other trust-providing organizations. The paper describes a way for us to control our money without middlemen.
These days the whole mess of firms and agencies choose new technologies to make it in a global digital world. So, it's about time for you to catch up and get yourself a nice blockchain to keep things going.
Before we start, there's a thing you should always keep in mind: you can do it! It's not wrong to try something new, especially when new solutions can increase business processes profitability.
Now, here's a guide from Dmitry Mishunin, an ICO auditor and creator of HashEx blog, on how to prepare a concept of blockchain integration into your business:
● Set the objective. The very first step is to come up with a main business goal. If you know why do you actually need a blockchain, you have better chances to succeed in seeking a solution.
● Think of the benefits. In other words, try your best to answer the following question: What would I profit by that? There's no sense to mainstream a blockchain in your business if you can't define benefits of that move.
● Come up with a structure. The main solutions you need here are: consensus rules, data privacy for ledger users, a set of algorithms to run.
● Develop a roadmap. Make sure it contains the following points:
1. Minimal viable product (MVP) description;
2. Fully functional product (FFP) description;
3. Platform specifications. Here you can specify a platform used to create an MVP;
4. Product design and prototyping;
5. Possible/actual issues review. Make a list of issues you faced developing a full-fledged product.
● Choose a platform to mainstream blockchain technology in your business.
● Implement the concept.
● Add use cases. Make some time to think of possible ways of using blockchain in your business. This will help you to better understand main pros and cons of your concept.
Making decisions needs a sort of motivation. The same with relations between blockchain and business. With this in mind, we give you the whole bunch of reasons to use the advantage of a decentralized business exchanges network. Here's what you get:
● Multi-level payment protection. In most cases, blockchains can help to prevent payment scams providing a few levels of protection:
1. Smart contracts make it possible to ensure that all parties follow the same rules;
2. Public ledgers are tamper-proof which means it's quite difficult to alter or double-spend altcoins;
3. Decentralization in itself makes it hardly possible to be a "king of the hill" as there's no central point of a scam/failure;
4. All transactions within a network are transparent so there's no opportunity for a scammer to cook the books.
Sure thing, a ledger can't prevent you from each and every scam attempt. Still, blockchain technology offers more chances to avoid many risks in comparison with your current infrastructure.
● Better enterprise cooperation. The Harvard Business Review states: "Today, collaboration tools are changing the nature of knowledge work and management inside organizations. But there are clear limitations to today’s suites of tools, as we still need central intermediaries to establish trust and coordinate much of the capability.” Fair enough.
● In turn, a blockchain-based system allows a partner/employee to have a profile that could be 100% controlled by the owner. This can make your network more flexible and… private!
● Better chances of new business values. Blockchain technology allows to cooperate with other business owners without affecting their original business purpose. Ernst & Young calls it an "industrial mash-up."
● New markets and more platforms to offer your products/services. Explain, "With blockchain, data and [the] rights holders can store metadata about any substance, from human cells to powered aluminum, on the blockchain, in turn opening up the limits of corporate manufacturing while also protecting intellectual property," write Tapscotts. "New markets could enable buyers and sellers to contract more easily in an open market."
● You can forget about middlemen. That's it! No more special trust-building parties for your business. A blockchain in itself is nothing but a P2P system, which means, transactions are only between you and other business owner — a partner of yours.
● Modern technologies make it possible to get rid of third-party individuals including banks, realtors and lawyers. Moreover, they can make your business cost-efficient and more profitable.
● The Internet of Things (IoT) likes blockchains! With blockchain technology, you can use the advantage of an automatic go-to registry for the ownership and maintenance for everything within the Internet of Things. Comfy, isn't it?
● As far as blockchain stand for complete, accurate and widely available data, you can get informed about your partners' business decisions and monitor all of your company happenings in real-time. Making payment, product shipping or getting info about your customers is no longer a problem.
● No more waiting for transactions. Your own blockchain-based system allows to save lots and lots of precious time. Dealing with your customers/partners without middlemen makes it possible to avoid waiting for days (or even weeks!) for transactions. We also talked about this in our article about bitcoin exchange business. Everything happens here and now.
● No one can access your data except for you. The point is, blockchains use encryption technology to protect crucial files from violation. In addition, blockchain technology allows to create storage clouds at a cheaper rate than Dropbox.
● Using a smart contract, your business can automatically enforce pay-for-performance agreements with your employees as a part or all of their monetary compensation is based on their performance. It will help you if you want to create your own blockchain.
● Greater regulatory compliance. Your blockchain-based system is powerful enough to both keep all transactions secure and notify you of the latest regulations.
Although blockchain technology offers lots of interesting features, it's not a panacea and can't solve every single issue you can face.
John Rampton was known as an "Entrepreneur and Connector", a person named #2 on Top 50 Online Influencers in the World by Entrepreneur Magazine, shares his own experience with blockchains. In fact, there are a few "don'ts" you should consider. Here they are:
● Don't rush to start. Take your time and learn as much as you can about blockchain technology itself. This will save tons of your time in the future. For instance, some data systems can work outside your blockchain network. Remember, knowledge is power.
● Don't use untested software. Even if you've heard about some apps that can make it easy to integrate blockchain into your business, try to test them before using in your project.
● Don't push your partners. Sure thing, it would be nice if all of your business partners were obsessed with the idea of a blockchain network. In reality, you need to be patient enough to convince all parties of the value of blockchain technology.
● Don't think that blockchain can improve every single business function. For a modern blockchain concept this isn't true. We are, however, quite confident that this will change over time.
No doubts, there are lots of mental models you can use to think of blockchain technology. But one is for sure: it's the way of the future. Mohit Mamoria, Authorito Capital CEO, is sure that "every company will use blockchain by 2027".
These days blockchain offers a secure and efficient way for many business owners to interact with each other and their customers. Just give it a try and see: blockchains can penetrate your business in more ways than one! This can be seen in a healthcare.