Implementing a Blockchain Solution
Like the disruption that the internet caused , blockchain is doing the same and more.
Key Steps for implementing a Blockchain solution
- Identify the business requirements of the project
- Evaluate if your project can be implemented with centralized databases or digital signatures
- Form a mental picture of the benefits of implementing blockchain technology in your project
- Identify legacy technologies or practices that need to be replaced or augmented
- Do a cost-benefit analysis of introducing this new technology
- Identify the key stakeholders and participants of the blockchain system
- Agree on the governance framework of the operating network and build in accountability from the participants
- Agree on an implementation methodology
- Choose a blockchain platform based on your requirements
- Identify essential enterprise tools that need to be built to successfully operate the blockchain solution. For example identity service
Kool Implementation Strategies
- Have Stakeholders own and maintain a node on the blockchain network.
- Make use of Blockchain as a Service(Baas) cloud platforms.
- Access a public permissionless blockchain to record data. ( For example a public Bitcoin or Ethereum network )
Popular platforms you can use for financial applications
Ethereum - is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity.
Hyberledger Fabric - is an open-source, permissioned blockchain framework, started in 2015 by The Linux Foundation.
Stellar - is a blockchain-based distribution ledger network, Lumens is the cryptocurrency made specifically for that network, and XLM is the coin's symbol.
Once you have executed the above steps properly you can proceed to build your blockchain solution.
Cover photo by Graham Holtshausen on Unsplash
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