Blockchain part 5 of 6 – How Do I Implement my First Blockchain?

If you have read our previous blogs on Blockchain, you are probably now wondering what steps you and your business might undertake to incorporate Blockchain. Below are 6 steps to assist you in implementing Blockchain into your business:

Step 1. Deciding if Blockchain is applicable to your Industry

If you are uncertain how Blockchain can help your business, it can be useful to ask yourself the following questions:
  • Is my current system prone to errors due to manual input
  • Do I need to track transactions more efficiently.
  • Is my current system too complex.
  • Is my current system too costly.
  • Can a new network provide greater transparency.
If any of the above answers are applicable to your business, Blockchain is likely to benefit your business.

Step 2. Examining your Current Business Process

By placing your current business process under scrutiny – you will be able to identify inefficiencies or areas that are prone to delay.

Step 3. Determining How Blockchain Can Help

After identifying inefficiencies in your business process – the next step is to identify how Blockchain can alleviate these inefficiencies. For example, if a lack of trust is causing friction in your business. Blockchain can assist by providing a shared ledger, thereby increasing transparency.

Step 4. Is Blockchain Appropriate

Before implementing Blockchain you will need establish if it can provide real value, could the process be achieved by using an alternative system.

Step 5. Determining How Blockchain can Help You Achieve Your Goals

Ask yourself what you want to achieve by implementing Blockchain. How can your business measure how affective its initial implementation has been.

Step 6. Choosing the Appropriate Provider

Consider who would be your most appropriate Blockchain provider, it might be beneficial to consider the following:
  • Do you have frequent exchanges with the same individual, cold these exchanges be automated to free up time and money.
  • Do you require a permissioned network.
  • Do you need to know your clients, for example to adhere to KYC (Know your client) AML (anti money laundering legislation)

What questions do you have?

We are happy to help. Please post your comment below or call Colin O'Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: cobrien@cooneycarey.ie To keep in touch, connect with our friendly team on LinkedIn.

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