Blockchain is a distributed ledger technology that is used to track and trace transactions between two partiesin a decentralized peer-to-peer network, in a permanent, immutable and verifiable manner. A blockchain is essentially implemented as a growing list of transaction records that are linked by means of cryptography. Each block contains several parts of information: transaction, participants in the transaction, timestamp, and hashcode, which is a cryptographic hash of the previous block. Only when the transaction occurs and is verified can a block be included in the blockchain . A new block is always added to the end of the blockchain, stored linearly in an chronological order.
A Deloitte survey conducted in the first quarter of 2020 shows that 39% of companies worldwide have Blockchain in production now. According to a study by APQC and Supply Chain Management Review in April 2020, 80% of participants are familiar with Blockchain, as compared with 66% in 2019. 60% of participants grapple with the adoption shortage in the industry, and half of them are struggling with lack of skillful resources in the market. In spite of tremendous growth in the last few years, the Blockchain adoption is not easy or straightforward with different kinds of challenges. There are a variety of difficulties and barriers in the journey. We need a methodical approach to tackling this. Here is a practical method to blockchainize in an organization.
- Identify use cases and assess feasibility
- Analyze use cases and formulate usage patterns
- Establish adoption model and strategize
- Define reference architecture and tech stack
- Investigate technology options and bake off
- POC and evaluate suitability
- Select a viable platform and operationalize
- Enable project teams and prototype
- Design solution architecture
- Develop and test solutions
- Deploy and launch work products
- Monitor and support operations
This step-by-step approach helps teams avoid getting into wrong tracks in the Blockchain adoption and pave the way to accelerate the execution. It prescribes a best-practice framework to reduce risks, clarify the ambiguity, progress incrementally in iterations, eliminate inefficiency, minimize product cost, shorten project duration, and stay away from pitfalls. In-depth constructs, activities, task breakdown, work products, roles, guidance, patterns, and artifacts are built in the Blockchainization method.
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