Blockchain Technology was mainly created for catering to the digital currency trade. However, the tech-savvy world soon realized that blockchain technology can be utilized in empowering businesses.

Blockchain implementation has the potential to bring more efficiency, trust, and transparency into day-to-day transactions. As a result of this, industry leaders are now planning pivotal projects for their organizations. Blockchain technology across industries is growing quite faster these days and has now become a part of the company’s transformation journey. 

How to Implement Blockchain for Business?

Blockchain for business is helpful for entities that transact with one another. With distributed ledger technology, the participants can access information at the same time. This helps in improving efficiency, removing friction, and building trust. Blockchain technology also allows businesses to rapidly scale and size their solutions. 

What are the Steps in Blockchain Implementation?

84% of executives utilize blockchain in their operations to a certain extent. Blockchain integration has its own set of challenges. So, if you are wondering how to implement blockchain in your business, then it is highly recommended to consider the current situation and the future plans of the organization before going for it. Let’s check out what are the steps in blockchain implementation:

Begin with a Use Case

The first step is to identify and organize your needs. Understand the right problems you want to solve and confirm whether the blockchain integration solutions will help to resolve those. It is always recommended to begin with the pilot project, analyze the results and then implement it on a large scale.

As you proceed to identify use cases, always keep in mind that it is always safer to start in smaller steps. You have to choose relevant blockchain new cases that you can evaluate, research, and explore before you jump into utilization.

Develop your Own Proof of Concept (POC)

After identifying various options for use cases, the second step is to create a valid Proof of Concept (POC). In case you are wondering what Proof of Concept (POC) means, then it simply refers to a strategic process utilized for evaluating how viable blockchain implementation would be in your business. 

Before you create your POC, it is necessary to understand the complete reach planning phase in the upcoming stages. You also need to consider a few questions regarding the challenge and competition of your business. This includes:

“How to implement blockchain technology in a simplified manner?”

“How to use blockchain technology?”

“What business problems am I trying to solve through blockchain technology implementation?”

“Will I be able to see any positive results after implementing blockchain in my business?” 

Essentially you need the direction key to create your Proof of Concept (POC). You should be able to realize the potential outcomes of your actions. It should be deliberate and tactical. Creating a Proof of Concept (POC) involves the following major steps:

It has boosted trust which has led to greater efficiency by reducing the duplication of efforts. In case you are looking forward to implementing blockchain in your business, then it’s time that you introduce your business to the next level of automation. Let our experts help you to know how to use blockchain technology. Leverage our top-notch custom blockchain development company by discussing your project idea with us.

Create and follow a set of guidelines that explains the intent of your business project. Create a prototype using advanced tools that would entail the designs, sketches, architecture, code, etc 

Test your prototype to understand how well it works. 

Analyze your MVP with a minimal set of features.

Make a Careful Selection Of Your Blockchain Platform

It is crucial for you to be careful enough while making your choice for a blockchain platform for your business. Also, you must know how to use blockchain technology in the best possible way. Consider factors from thorough market research and budget while making this strategic decision. 

Quorum

A lot of companies have now adopted the utilization of Quorum in their blockchain integration. Quorum eliminates data tampering in business transactions, thus allowing organizations to make secure transactions along with ensuring privacy. Blockchain technology like this is all set to revolutionize business transactions.

Ethereum

Ethereum is mainly used for developing innovative contracts and is currently being used by several organizations for determining the potential scaling rate of their business. Ethereum can be utilized for buying and selling goods and services like Bitcoins. What’s unique about Ethereum is that the users can easily build applications that can run on blockchain-like software. 

Stellar

Stellar is a kind of blockchain platform that is used for developing blockchain applications for organizations. Stellar mainly supports a distributed exchange mode which allows the users to send payments in a few specific currencies as the network performs the forex conversion automatically. 

Hyperledger Fabric

This particular blockchain platform is mainly used for creating private blockchain applications for businesses. An expert in Hyperledger can develop technical solutions that build companies through blockchain implementation. 

Corda

Corda allows you to make direct transactions through smart contracts which guarantee the topmost privacy and security. An expert in this platform would be able to create excellent designs as well as utilize the platform for eliminating the costly contingencies in a particular business contract.

Multichain

Just like its name, the multichain blockchain platform can be employed in various industries like the Healthcare sector, Banking and Finance, Human Resources, Educational sector, E-commerce, retail business, and so on. It is mainly used for professional optimization of the businesses’ human resource works.

For instance, the Appinventiv experts created a blockchain-powered Learning Management System platform called Nova that is currently transforming the education sector. 

Powered with the smart abilities of blockchain, Nova is just the answer to all the genuine issues of today’s education sector. The developers at Appinventiv looked into every stage of the Nova project right from designing the elements, to its development, the inclusion of blockchain, creation of the smart contract, cryptocurrency development, QA testing and finally deploying it in the stores.

Openchain 

The Openchain blockchain platform is used for maximizing every aspect of a particular business’s Human Resource Management. 

Build and Test Blockchain Solution

It is always advisable to study the current blockchain technologies for choosing the best for your blockchain implementation. For evaluating this you need to consider certain factors.

• The quality of the technology, which means that the technology should offer valuable consensus and security. You also need to know if it will work with both public and private blockchains. 

• The blockchain infrastructure

• The vastness of the technology (if it is compatible with other multiple blockchain platforms)

Another feature that you need to look up to is the smart contracts. Smart contracts enable businesses to make vital transactions without any interference from third parties. You can attach your own set of rules to the smart contract. The transaction process becomes transparent, automatic, and fair. 

All the parties will be mandated to abide by the smart contract rules. The nature of the smart contract is the only reason why most businesses have now chosen blockchain technology. Hence, while building your blockchain solution, you need to develop smart contracts that will directly automate your transactions. Soon after that, you can go for testing your blockchain integration and analyze how well it is working.

Read more about blockchain implementation