01 INTRODUCTION
Blockchain implementation:
Future-proof your business
At the growing pace of novel technologies in the world today, companies, businesses, or enterprises that are not riding the tide are doing themselves a disservice. Blockchain technology has been proven to be relevant in boosting the operations of businesses in the financial services sector, supply chain, telecommunications, and more.
Despite this obvious reality, many firms are lagging behind in their Blockchain implementation drives. Implementing blockchain technology to your existing business applications will give you the first-mover advantage in today’s dynamic world. Now is the best time to discover how a custom blockchain implementation can revolutionize your business.
Irrespective of your business’s current disposition to blockchain technology, at iMi, we can work with you to understand your goals. With this achieved, we would help you design the workable solutions that can be implemented through blockchain and distributed ledger technology.
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02 EMPOWER
IMPLEMENTING BLOCKCHAIN THE RIGHT WAY
Before we can start blockchain implementation, it’s imperative that we first identify your real blockchain needs. Our expertise in blockchain consulting will be invaluable in guiding you through the process. Our comprehensive blockchain development services will help you too.
First of all, we need to set the most relevant use case to make your blocks or smart contracts a profitable asset. However, as a leader in your business, you need to understand how blockchain works. Based on this, we will guide your organization’s team through the basics so we can all be on the same page.
Based on our deep profiling of the digital ecosystem, we understand that a fast blockchain rollout is the next big thing.
AS A MATTER OF FACT, YOU CANNOT IGNORE THIS TECHNOLOGY ANYMORE.
While the technology itself is revolutionary, getting the right experts to help you implement this is also a crucial decision you need to make.
The revolution started in 2009 when Satoshi Nakamoto implemented the genesis block number 0 for the bitcoin network. Since then, peer-to-peer networks have shown clear advantages over cloud solutions.
Distributed blockchain application architecture and cryptographic hash functions are fundamentally designed to be faster, safer, and fully transparent.
Together, we can make blockchain implementation for your organization a success. Explore the opportunities applicable when implementing new blocks, redesigning algorithms, or integrating open-source permissioned applications for your firm. Embrace innovations and create more efficient applications based on this technology.
Let's talk03 THE STRATEGY
Your blockchain technology implementation strategy
There are different ways being explored by various parties for blockchain technology implementation. While many blockchain implementation experts may quote a generalized strategy, it is important any approach being explored is custom-designed to suit your business.
Based on our extensive involvement in blockchain implementations for a wide range of clients in various industries including IoT, we can employ a common strategy that works for all. These are outlined below:
Decide on a Use Case
Use cases vary per industry. Clients in the healthcare business will have a different need or use case for blockchain technology compared to those either in the supply chain or real estate sectors. We work with you to answer crucial questions such as; What can blockchain technology do for your business? What areas of your business operations can be refined through blockchain technology? Is a smart contract necessary for your business? and many more.
Answering these questions is a good start in the blockchain implementation journey.
Design a Proof of Concept
Now that we have the viable use case designed for your business, we can now design a Proof of Concept (PoC) to guide us through the rest of the implementation process. In retrospect, a PoC is a workable outline of how the proposed blockchain solution can be successfully deployed for your business. It involves amongst many things the creation of a prototype, testing it, and deploying it. With this, we check out the features to be sure it aligns with the Minimum Viable Product (MVP) predefined for the use case.
Selecting, Building, and Testing the Blockchain Solution
This is a very crucial stage in the blockchain adoption or implementation journey. You need to decide on which blockchain network to adopt, bearing in mind this will affect the overall functionality of the created blockchain platform. If your business will draw in a lot of traffic, it is ideal to choose a blockchain with very high scalability.
The common blockchain networks you can choose from include but not limited to:
- Ethereum blockchain
- Hyperledger fabric
- Tezos blockchain, and;
- Corda blockchain
When the right blockchain has been decided on, then we can move on to design the code from scratch. The blockchain coding will be tailored to reflect the functionalities predefined in the use case. The creation of a smart contract for the automation of your business processes is key at this stage. Then we move on to the testing of the created blockchain with the core aim of seeking to know if the new technology or system is working as intended.
Manage and Activate the Blockchain Network
At this stage of the blockchain implementation program, you will need to create the first block to validate if it bears the same features of the chain. Depending on the blockchain network the application is sitting on, activation of the blockchain through the native cryptocurrency or digital currency thus becomes a necessity.
Additionally, here is the stage we may need to build applications on the created blockchain network. These applications can either be on-chain or off-chain, the core idea here is to ensure that the firm’s customized DApps are working perfectly on the firm’s adopted public blockchain.
Choosing the Consensus Model
The consensus model basically entails how transactions on the company’s blockchain project or designed applications can be verified. There are many consensus models being used for blockchain technology, but the common ones include;
- Proof of Work
- Proof of Stake
- Delegated Proof of Stake
- Proof of Time and Space
- Byzantine Fault Tolerance, and many more.
The consensus model chosen matters a whole lot as it can determine the ease of transaction validations as it relates to your blockchain application. Through our expertise, we can open you to the merits and demerits of each of these models and help you choose which will best work for you.
Building the Ecosystem Around your Blockchain Network
By now, your blockchain application must have been in its advanced stages, it is, therefore, crucial to building the network of stakeholders around your blockchain. You will need people to utilize the smart contracts, DApps, and other applications you have created. Also, the need to get people to utilize any digital coin that is native to your application. These are essential for every blockchain implementation project and with our industry network, we can make this step hitch-free for you.
04 Your Advantages
Benefits of implementing blockchain
Implementing blockchain technology has a number of benefits for your organization or any startup at all. For any business whatsoever, some of the advantages they stand to gain include; transparency in transactions, higher security infrastructure, improved traceability, increased efficiency, speed of transactions, and reduced costs.
Transparency in Transactions
Through the registration of transactions on the company’s blockchain, records are out in the open, visible to everyone, and become tamper-proof. This brings about transparency in the company’s operations especially as it concerns transactions.
Higher Security Infrastructure
Blockchain technologies guarantee a higher security infrastructure based on the decentralization of data across several computer networks. Once transactions are recorded, they are encrypted, and hacking them becomes arduous for cybercriminals.
Improved Traceability
This benefit becomes more pronounced in supply chain management or any sector with complex processes. With the recording of transactions on the blockchain, different players can easily track the movement of goods and this generally enhances traceability. This traceability can boost quality assurance amongst other benefits.
Increased Efficiency of Transaction
The automation of complex organizational processes with blockchain technology increases efficiency as documentation can be stored in blocks.
Increased Speed of Transaction
Also transaction details can be stored on the blockchain. This is eliminating the need to exchange paper. There’s no need to reconcile multiple ledgers, so clearing and settlement is much faster.
Reduced Cost
Cost reduction is arguably one of the crucial benefits of implementing blockchain technology. With blockchain, you not only eliminate the roles of middlemen which can have an effect on the costs of transactions, but you also rely on the data in the digital ledgers to give unified access to every partner making the transaction. This way, you avoid the costly and cumbersome need to relate with parties directly.
Next steps to implementing blockchain in your company
A lot of exposition has been made on the need to implement blockchain technology for your business. In a global survey involving 600 Executives conducted by PWC, it was discovered that 84% of firms have involvement with blockchain, with only 15% in the run to launch a blockchain project. Now that we have shown you how blockchain can be relevant in every organization including yours, make the decisive step to connect with us to begin exploring the best strategy for you and your firm to implement blockchain technology right away.
Connect with an ExpertDiscover how to implement blockchain technology by yourself
So, how is Blockchain implemented in a company? The entire procedure described for implementing blockchain technology can be done by your team. Provided you have the right training, you can chart a blockchain implementation strategy by yourself. At iMi, we encourage and facilitate the transfer of knowledge, and you can reach out to us to design a workable blockchain training program for you or your organization.
Finally, what do you need to implement Blockchain? The answer is simple. You need the right people. We at iMi, have the right resources at our disposal, and we work with seasoned experts and world acclaimed higher institutions. Based on this, you can trust the training you will gain from us, which would be accompanied by further support services.
The different options you can get trained about blockchain by us are highlighted below. We are flexible and we can customize the training sessions to suit your schedule and needs respectively.
