Satoshi Nakamoto was the first person to find a real-world application of blockchain in the concept of Bitcoin.
Bitcoin would consist of a distributed blockchain ledger that stores transaction history.
It would work without any third-party interventions, and that would make it less prone to mismanagement.
Today Bitcoin has an increasing demand due to blockchain technology.
It is considered an asset class commodity for its high value.
Traders can invest in cryptocurrencies through various platforms also visit here to know the bitcoin effects on the stock market.
But blockchain has applications outside the world of digital currencies.
New enterprises are adapting to the presence of blockchain technology.
A large number of multinational corporations, as well as startups, are implementing blockchain technology to ensure better asset management and organization.
Blockchain Project: How to Implement
An easy outline that will help you to implement a blockchain project:
1. Understanding the need
The foremost step in blockchain implementation is to identify where exactly blockchain application would be feasible.
You have to run through the blueprint of the enterprise to identify and categorize the sectors that would benefit from the implementation of blockchain.
It would be best if you considered the scope of implementation holistically.
What might seem practical locally might be a drawback universally.
Releted: Bitcoin Trading Strategies Worth Examining Further
These are some of the questions that might aid you to deduce if you would require blockchain implementation logically
- Will blockchain negatively affect the existing infrastructure of your business?
- Will blockchain augment the productive capacity of your business?
- How will the installation and maintenance cost of blockchain technology affect your business?
- Is the aim of the implementation clearly understood?
- Is the technology scalable in your business ecosystem?
- What are the current market trends around blockchain implementation?
- Does the blockchain improve the interface between your company and your clients?
- What is the period of the project?
2. Evaluating the feasibility
The next step would require you to create a PoC (Proof of Concept).
This proof would allow you to understand and assess the feasibility of the implementation.
To do this, take into account these points:
- Conceptualizing a regulatory blueprint. This blueprint will help you elaborate on your business model.
- Conceptualize a prototype. This process will involve a basic sketch and preliminary inventory details and codes required to run the actual project.
- Run the prototype in a simulated environment to understand its applicability.
- Analyze the MVP to understand the viability of the implementation by studying the prototype.
3. Choose a platform
There is a range of platforms you can choose from:
- Ethereum- it can be used to estimate the rate of growth of your business
- Quorum- this platform allows implementers to create a tamper-proof network for transactions.
- Hyperledger Fabric- allows the implementer to create private and cryptographically secure apps for your business enterprise.
- Stellar- this platform can be used to develop decentralized applications for your company
- Corda- allows you to transfer data through a highly encrypted network directly.
- Open chain- This allows you to implement suitable infrastructure for human resource management.
- Multichain- is indispensable when it comes to the professional level of resource optimization.
Related: How do you know if a cryptocurrency is legitimate?
4. Selecting the appropriate consensus program
A distributed network cannot function without a protocol that would allow the achievement of consensus between all the nodes in the network.
These are some of the popular protocols.
- Proof of work consensus protocol
- Proof of Weight
- Byzantine Fault Tolerance
- Proof of stake consensus protocol
- Delegated Proof of Stake
5. The blockchain ecosystem
Stakeholders of the company must come together and abide by the guideline to make a suitable ecosystem.
Ecosystems can be created by creating a small prototype ecosystem where a small community will work on the blockchain platform.
Once you have covered these steps, you will have already solved organizational and management issues.
Once you have considered risk factors like cyber crimes, you will have your project ready for large-scale implementation.