Blockchain technology is taking over the world at an unimaginable pace. Very simply put, the technology is used for the reconciliation of two or more records and proves its validity without consuming hours of time and physical manpower. Long story cut short, it is a digital ledger that is trusted by most of the financial services out there now. When it comes to anything related to the market and legalities, Blockchain is a viable option.
However, the scope for blockchain is huge and most of the tech gurus believe that it can develop itself to further distinct widespread use cases. The IT vendors that show interest in Blockchain report that practically all industries are looking forward to implementing the technology.
By now we are already aware that legal industries have found their faith in Blockchain. On the other hand, cryptocurrencies and other essential financial services are either completely or partially based on Blockchain technology. But a few other sectors that are considering the same are advertising, auditing, insurance, healthcare, supply chain, real estate, public sectors, manufacturing, and supply chain, etc. Most of these sectors have already successfully implemented Blockchain technology. Let us now read about some important steps concerning the task of Blockchain project implementation.
From the task of initialization to execution, a Blockchain project can be implemented in these 5 steps:
1. Identifying the most pragmatic use case.
2. Selecting a suitable platform for your network.
3. Developing a Proof of Concept.
4. Execution of the first field trial.
5. Launching a full-fledged rollout.
Identifying the most pragmatic use case
Blockchain technology has several use cases. Before you begin exploring just out of interest in new technology, you should rather pay heed to the most pragmatic area of Blockchain that would suffice your kind of work. Identifying ways to incorporate the innovative DLT (Distributed Ledger Technology) into your product while keeping in mind the pulse of your target audience should be the first step towards Blockchain project implementation.
Selecting a suitable platform for your network
One of the most unanimous Blockchain networks is called the Ethereum network, which is widely known due to its dynamic traits. The entire community is known to be responsive and wealthy and promises that all entities in the network will be truly autonomous, decentralized, and will only be dedicated to none other than themselves. Hence, selecting your preferred platform and programming language is the next most important step.
Developing a Proof of Concept
Next up is Proof of Concept. POC is nothing but a type of exercise that can take a period of about one to three months. It essentially focuses on the environment where a concept is situated and determines whether it is practical to go forward with it. It is advised to take baby steps when you are in this stage.
Execution of the first field trial
The first time a field trial is done is when real data enters the scene of the production. Unlike POC, field trials do not occur in cloud spaces but are more like small-scale trials with around 5-6% of consumers around a small-time product. The field trial is good for testing purposes and gaining first-hand knowledge of running a blockchain project implementation within a specific organization itself.
Launching a full-fledged rollout
According to experts, this stage is the hardest to achieve, and most organizations are presently at around stage 3 or 4. Small-time executions are fine but handling wild productions, debugging, and scaling them, all of it takes a full-scale system at work. Probably Bitcoin is the only cryptocurrency that has been tested through time and handles huge operations. Apart from that, you can go and get an idea of what nearing a full-fledged rollout may seem like. This trading software is a good example of the results of Blockchain project implementation.
Conclusion
With these points in mind, and with proper guidance from an expert, you can get started with your Blockchain project implementation as this technology is here to stay and grow and only turn out to be more and more useful over time.
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