How to implement Blockchain in your business

12 June 2020

We could do a lot of examples of businesses that implement Blockchain to get its benefits and there are a lot of Blockchain applications that prove the versatility of this technology.

While there are some businesses that are still holding their pace, a lot of them are willing to go on this route and innovate the way they conduct their company.

Blockchain, however, is still quite far from being a mainstream technology, therefore, there are no established rules on how to implement it, which leads to a bit of confusion when it comes to the operational aspect of the thing.

Without claiming to be thorough, we want to introduce you to the key steps of Blockchain implementation in your business.

Understand what Blockchain is

Very little is known about Blockchain and only insiders have a full view of its potential and how it works.

We do believe that in the future everyone will have at least a rough knowledge of how Blockchain works, but this is just not the time yet. So, what is Blockchain?

Simply put, it is a distributed ledger database in which you can store any kind of digital information and keep it encrypted and organised in blocks. All records on the ledger are immutable and undeletable because everyone on the network has a copy.

Most of the existing blockchains are public, but the encryption and the fact that attacks are cost-ineffective make them secure.

Learn more about this technology, read our Bulletin for the latest news on Blockchain compliance, and search opinions and reviews.

Focus on your goals

The first real step you need to take to implement Blockchain is identifying what problem you want to solve and why Blockchain is the best solution.

In order to do so, you can start with an analysis of your sales process, client onboarding, KYC, data storage policy. Usually, it is where the thorniest problems lie.

Alternatively, verify you meet the following criteria in any of your processes:

  • Do you share data with your colleagues or customers?
  • Is traceability of your products important?
  • Do you need to verify someone’s identity?
  • Do you need to check if certain conditions are met before you do a particular action?
  • Would you benefit from quickening some processes?
  • Do middlemen cost you money and time that could be saved?
  • Is there a high risk of manipulation frauds?

If your answer was yes to any of these questions, congratulations, there is a chance you could benefit from a Blockchain implementation.

The truth is that you are very likely to find something, because many industries are already adopting it, from food industry to public administration.

Get help from a Blockchain consultant

The next step involves more technical operations and you might want to enquire an expert about your situation.

Once you identified your needs, a Blockchain consultant can advise you on the best-fitting solution for you.

First of all, a Blockchain compliance advisor will study the regulations of your jurisdiction and will make sure your Blockchain implementation process goes smoothly without any interference from authorities due to compliance issues. Alternatively, they will find another jurisdiction where your Blockchain idea can flourish.

If cryptocurrencies or KYC are involved, they will also take care of making your Blockchain system compliant with AML regulations.

Finally, they will help you to hire a technical team that will build your new Blockchain structure.

Build a new environment and help others to implement Blockchain

Once your new Blockchain system has been implemented, a lot of things in your company will change. You may have thought of all the possible consequences, but you might still miss something, but there is nothing to worry about it: it is still a positive thing.

Blockchain is the opposite of conventional management, so you should expect that if you implement Blockchain to improve a particular workflow, it will also influence related processes, but Blockchain is a scalable solution, so when the time comes, you can seek guidance from your Blockchain consultant again to expand your system in order to fit your new needs.

Furthermore, you can be a leader in your industry and work with your competitors to build a community based on Blockchain where your business sector as a whole benefits from a shared database. Our business development consultant will help you to find partners and investors.

When you implement Blockchain in your business, you do not just change your company, you change, in part, the world.

Contact us if you want to take advantage of this opportunity.

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