Business InnovationUpdates

A shortcut to blockchain

By 22 November 2018 No Comments

This article is an interesting read if you’d like to learn more about how to experiment with blockchain technology.

 

Let me start by explaining that I have written multiple versions of this article. This was because, even though my previous efforts were confirmed as factually correct by a Blockchain expert (big shout-out to Tobias Disse, CEO of Kryha), others told me it wasn’t clear enough to someone with no knowledge about this technology.

I had two options: keep re-writing until everyone could understand it, investing a lot of time and using a lot of words. Or just keep it simple and make it practical.

The latter is what we do best at Innovation Booster. I, therefore, decided to go with this option.

 

The meaning of Blockchain (as explained by others)

Nowadays Blockchain seems to be the magical answer to everything. But what can it really be used for? Our customers are increasingly trying to find out about relevant applications.

To start with, it is important to understand what Blockchain is, how it works and what its use is. A lot of knowledgeable people have done a great job of putting this in to clear words. So rather than trying to re-invent the wheel, I’m going to refer you to two articles which I think hit the nail on the head:

 

Thank you authors  Sidharth Malhotra and Mohit Mamoria, for explaining this complex technology perfectly!

To sum up their articulate accounts, Blockchain is basically something that automates processes and eliminates third parties.

 

Discover if Blockchain is right for you

Now you understand the meaning of Blockchain, maybe you’d like to figure out if this tech solution is the right fit for your situation. Here is a step-by-step guide to experimenting your way to an answer:

Step 1. –  Map the possible participants in your network and collect the first users for your experiment.

Step 2. – Establish a clear understanding of the problems you’d like to eliminate. For example, do the users in the network have problems with trust, identity or equality? And does the situation involve currency transactions and/or contracts between users? Then blockchain might be a good solution.

Step 3. – Once you have clarified the problem, start small!

Establish the basic rules that the Blockchain participants must agree on and set up your first smart contract.

Step 4. – From that point on, keep on learning while gradually building up the scale of your application and continuously testing it with the users.

 

Do you want to learn more about getting on the road to Blockchain?

 

Contact me, Gilles de Jong.

Passionate Booster