Blockchain Implementation: How To Do It The Right Way

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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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blockchain implementation

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.

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03 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.

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enterprise blockchain consulting and deployment services

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