Knowing what blockchain is and how it can contribute to solving some of the world’s biggest challenges is one thing; knowing how to develop a blockchain strategy is another thing altogether. Meanwhile, understanding how to implement a blockchain strategy within your business is even more difficult.
Blockchain, particularly when used in concert with emerging technologies such as Big Data Analytics, Artificial Intelligence or the Internet of Things, offers organisations an opportunity to re-think their internal processes, remove inefficiencies and build a better organisation. However, within large process-oriented organisations, transforming a centralised business to a decentralised organisation, where cryptography is used to create trust, where smart contracts automate decision-making, and where governance is embedded in the code, can be a daunting task. While in fact, the steps that are required to transform your business into a decentralised organisation are clear and straightforward.
Step 1: Understanding Blockchain
At its core, Blockchain is nothing more than a database technology, but the implications of the technology are far-reaching. Therefore, if you wish to start with Blockchain within your organisation, it is crucial that there is a shared understanding of what Blockchain is and what it can do for your organisation and industry. Blockchain can be applied to …