10 things to know before launching a Blockchain project

Blockchain technology, with Artificial Intelligence (AI) and Internet of Things (IoT), are part of promising in the years to come technologies.

Before engaging itself in a Blockchain’s experimentation approach, some key points have to be considered.

1 – CLARIFY STARTING POINT

A Blockchain’s project launching has to be  upwind well limited during a framing phase, in order to target the right using cases and to identify strategic stakes in the ecosystem’s level that such a project involves (mobilization, repositioning…). Starting strategy, business case and the study of impacts have to be in this sense clearly defined.

Key questions to ask itself during framing phase :

  • Which problem do I want to resolve and how can Blockchain help me to it ?
  • What is the strategic opportunity for my company ?
  • What are the impacts inside my ecosystem ?
  • Which ROI ?
  • Which roadmap ?

2 – UNDERSTAND BLOCKCHAIN’S TECHNOLOGY

Appropriate itself Blockchain’s technology, it is firstly to grap the functioning and potential uses. Blockchain is not a magic word that worths anywhere and at anytime.

The fact of understanding what Blockchain brings in terms of security and of transactions’ automation, of traceability of operations flow, of organizations’ decentralization, of assets’ dematerialization permits to have an enlightened approach on use cases for its organization and to better imagine possible gains.

3 – ADOPT A ECO-SYSTEMIC APPROACH

In order to take the better advantage of it, Blockchain’s applications have to be designed in an ecosystem scale (suppliers, clients, network of partners…). Blockchain is by nature a “distributed” technology. It favorizes sharing of information, collaboration and collective performance’s optimization for a network of actors.

An advice : starting on a little scale and with the minimum of needed actors when the Blockchain’s project launching, and develop the members’ network progressively.

4 – ANTICIPATE GOVERNANCE

A special heed has to be taken for the definition of the governance between actors who are members of the network. Several structuring points have to be covered :

  • What are the looked-for goals throughout the consortium/ members’ network ? Are they aligned with the company’s objectives ?
  • What is the more adapted governance and members’ inclusion model ?
  • Who owns intellectual property ?
  • What are the financing and consortium revenue models ?

5 – STAY “COMPLIANT”

As a new technology, Blockchain collides with the slowness of regulation and standards’ evolution. It means that we have to be careful by entering Blockchain’s initiatives in the existing regulatory frame, especially concerning uses linked to crypto money.

In view of challenges linked to Blockchain (economical, national sovereignty…), governments however start to take hold of the subject and to establish standards.

6 – THINK ABOUT ASSOCIATING BLOCKCHAIN AND AI

Blockchain is very complementary with AI technologies. Associating these two technologies tenfold respectively their effects.

As an example, by making available reliable and “certified” datum, Blockchain permits to a typical machine learning AI (hungry of datum during apprenticeship phase) to be more efficient, more precised. Another example : by ensuring transparency and traceability of operations, Blockchains makes possible the audit of decisions took by an Artificial Intelligence, sometimes perceived as a “black box”.

It is in that sense that the Blockchain’s implementation has to fall within a larger reflexion on the digital transformation and could be considered in resonance with other in progress projects around the AI and/or IoT systems.

7- REINVENT ITSELF / MAKE MOVE ITS OWN LINES

Because disintermediated, Blockchain reinvents organizations’ models as well as established roles / positioning into the market. It represents a total change of paradigm, far from traditional organizations’ and functioning’s models, including inside of sectors that already has known important upheavals under the effect of digitalization of activities.

Blockchain is thus a new relationship to centres of power and decision-making (decentralised) and to the economy (collaborative).

8- BE PIONEER

Blockchain is a technology of rupture that creates increasing interest from companies. It is from now on that we have to experiment this technology, validate its potential for its company, because it is from now on that dominating positions and competitive advantages are building themselves.

The risk ? That your competitors take hold of it before you and reinforce (perhaps develop) their position inside the market.

9 – PROMOTING INTERNALLY

Security (of transactions), transparency (of information), trust (between actors) !

“Blockchain” pitch in three words for promoting internally this technology and illustrate its interest for your company.

10- BEING ACCOMPANIED BY EXPERTS

As a very innovating technology and upsetting established frames, reliance on experts of digital transformation and Blockchain facilitates its appropriation and the making of enlightened decision regarding its implementation.

Axys Consultants accompanies you on your Blockchain’s projects for understanding opportunities of “disruption” of your market and for building with you an implementation plan by giving you methods for innovating and building new competitive advantages.

Fazil BOUCHERIT (Finance Manager)

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