As we know, Blockchain Technology was mainly created for catering to the digital currency trade. This technology is growing quite faster these days and has now become a part of many companies’ transformation journey. It has its presence in almost all advanced IT solutions. So what exactly is its benefit to your company business? let’s see:
Blockchain for business is helpful for entities that transact with one another. With distributed ledger technology, the participants can access information at the same time. This helps in improving efficiency, removing friction, and building trust. Blockchain technology also allows businesses to rapidly scale and size their solutions. Blockchain implementation has the potential to bring more efficiency, trust, and transparency into day-to-day transactions. Apparently, it would help your business a lot.
With that benefit, and advance, but, how could we adapt it into our business? Let’s follow these below 6 steps:
Begin with a Use Case
The first step is to identify and organize your needs. Understand the right problems you want to solve and confirm whether the blockchain integration solutions will help to resolve those. It is always recommended to begin with the pilot project, analyze the results and then implement it on a large scale.
Develop your Own Proof of Concept (POC)
After identifying various options for use cases, the second step is to create a valid Proof of Concept (POC) - a strategic process utilized for evaluating how viable blockchain implementation would be in your business. You need to consider a few questions regarding the challenge and competition of your business. This includes:
“How to implement blockchain technology in a simplified manner?”
“How to use blockchain technology?”
“What business problems am I trying to solve through blockchain technology implementation?”
“Will I be able to see any positive results after implementing blockchain in my business?”
Creating a Proof of Concept (POC) involves the following major steps: Create and follow a set of guidelines that explains the intent of your business project. Create a prototype using advanced tools that would entail the designs, sketches, architecture, code, etc.
Test your prototype to understand how well it works.
In this phase, you have to make a Careful Selection of Your Blockchain Platform for your business. Also, you must know how to use blockchain technology in the best possible way. Consider factors from thorough market research and budget while making this strategic decision.
Here are some of the popular platforms highlighted below:
A lot of companies have now adopted the utilization of Quorum in their blockchain integration. Quorum eliminates data tampering in business transactions, thus allowing organizations to make secure transactions along with ensuring privacy. Blockchain technology like this is all set to revolutionize business transactions.
Ethereum is mainly used for developing innovative contracts and is currently being used by several organizations for determining the potential scaling rate of their business. Ethereum can be utilized for buying and selling goods and services like Bitcoins. What’s unique about Ethereum is that the users can easily build applications that can run on blockchain-like software.
Stellar is a kind of blockchain platform that is used for developing blockchain applications for organizations. Stellar mainly supports a distributed exchange mode which allows the users to send payments in a few specific currencies as the network performs the forex conversion automatically.
This particular blockchain platform is mainly used for creating private blockchain applications for businesses. An expert in Hyperledger can develop technical solutions that build companies through blockchain implementation.
Corda allows you to make direct transactions through smart contracts which guarantee the topmost privacy and security. An expert in this platform would be able to create excellent designs as well as utilize the platform for eliminating the costly contingencies in a particular business contract.
Just like its name, the multichain blockchain platform can be employed in various industries like the Healthcare sector, Banking and Finance, Human Resources, the Educational sector, E-commerce, retail business, and so on. It is mainly used for professional optimization of the businesses’ human resource works.
The Openchain blockchain platform is used for maximizing every aspect of a particular business’s Human Resource Management.
Build and Test Blockchain Solution
It is always advisable to study the current blockchain technologies for choosing the best for your blockchain implementation. For evaluating this you need to consider certain factors:
The quality of the technology, which means that the technology should offer valuable consensus and security. You also need to know if it will work with both public and private blockchains.
The blockchain infrastructure
The vastness of the technology (if it is compatible with other multiple blockchain platforms)
Another feature that you need to look up to is the smart contracts. Smart contracts enable businesses to make vital transactions without any interference from third parties. You can attach your own set of rules to the smart contract. The transaction process becomes transparent, automatic, and fair.
All the parties will be mandated to abide by the smart contract rules. The nature of the smart contract is the only reason why most businesses have now chosen blockchain technology. Hence, while building your blockchain solution, you need to develop smart contracts that will directly automate your transactions. Soon after that, you can go for testing your blockchain integration and analyze how well it is working.
Create your own block first in order to run and manage the entire network on the production of a particular chain. In this particular stage, blockchain in cryptocurrency comes into the picture. The encrypted token is utilized for activating the power needed to ensure the persistence of the communication nodes.
This is the final stage or deployment stage where you need to activate the blockchain on the blockchain network. Start with a cloud server for hybrid solutions which is a combination of both off-chain and on-chain entities.