How to get started with the blockchain implementation process?
It is the use or substitution of blockchain solutions into existing processes or software systems. It involves creating new software that is then used to allow traditional processes to be upgraded.The duration of a blockchain project depends on the application’s requirements. The project is initiated with PoC, which typically takes 2-3 weeks. Once the PoC is done, it takes 4-5 weeks to develop a minimum viable product with bare minimum features.Launching an application on the mainnet takes around 2-3 months based on the requirements of a client.
Given below is the overview of the blockchain implementation process.
Getting started involves these steps.
Identify a Use-Case:It is a process of identifying, clarifying, and organizing your needs for a blockchain.
Developing a Proof of Concept (POC):It is a process that determines the practical potential and feasibility of the blockchain project for your business.
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Selecting a Blockchain Platform:While choosing a blockchain platform, you should ascertain whether they possess an open-source station. One should also ensure that their technical team is organized properly.
Blockchain as a Service: If you want to implement blockchain in business, then it’s best to go for a blockchain as a service provider. In reality, these providers can help you implement blockchain in your business and manage it. It’s a hassle-free approach to the implementation.
Building & Testing Blockchain Solution:The key aspect of blockchain technology is smart contracts. This permits people to transfer important products without requiring a central third party. You can attach your required rules to the contracts.
Onboarding Partners and Integration:When you want to implement blockchain in your business, you have to consider your partners and stakeholders as well.
Operate and Manage the Network in Production: As the groundwork for nodes to send information is laid we should also make sure to lay the foundation for them to receive information.Deployment:Next is to deploy an application on the blockchain network, which is a prepared application server.
Organisations should, right now, start making the transition to a blockchain way of working. As you can understand from the previous challenges, blockchain is going to take a long time to work within your company and at the same time you will have organisations already using blockchain to offer better services than yours.
Performed together in a transformation programme, these will solve the technical challenge whilst at the same time raising process issues to the business so that risk impact, opportunity assessment and product development can be completed.
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