By now, you’ve probably heard one of the tech world’s most popular buzzwords – “blockchain.” But what is blockchain, and why and how would you implement the technology?
What is Blockchain?
Blockchain connects multiple parties and provides a way to record and transfer data between these parties that is secure, auditable and built on trust. In the coming five to ten years, blockchain will disrupt the way many organizations operate and connect with one another. Most industries will be impacted by blockchain, including:
- Supply chain management
- Networking and IoT
- Money transfer
- Financial markets
Why Implement Blockchain?
By implementing blockchain technology, you can have a profound impact on your business. When you change how you transact and share information with other parties, you can:
- Improve your supply chain efficiency
- Simplify information sharing
- Benefit from quick and inexpensive financial settlements
- Keep your transactions secure
To implement blockchain technology, you have to reimagine your systems. To get you started, you must first understand that prototyping blockchain technology is less about the technology and more about the understanding of the operational processes connecting your business with others.
How to Get Started
To get started with blockchain technology, follow these five quick tips:
- Detail the current and future features of your business and prioritize their importance
- Review your software currently in production and evaluate the needs for application updates and integrations
- Think about the situations, motivations and expected outcomes of your parties’ interactions
- Create an application map to illustrate your strategy
Work with technology partners who can show you the way.
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