How to implement blockchain in business?

David Kemp

Blockchain is, no doubts, very advantageous: it is safe, secured, offers transparent solutions and has excellent protection from fraud. Let us explore in detail the possible branches of its application and methods of implementation.

Areas where blockchain is useful

The decentralized record-keeping system is making us all forget about outdated solutions. The technology can be applied in the following areas:

  • Secure storage of information. The system will help in the organization of document flow in the company, maintenance of state registers, etc.
  • Marketing and promotion. Blockchain can be used to reward customers and implement loyalty programs.
  • Trade and rent. Leasing of real estate, purchase and sale of assets, clothing, vehicles and other property.
  • Financial sphere. Platforms for interbank and international transfers, decentralized payment systems, loan processing, etc.
  • Internet. The technology will help to identify users, store data securely, get protection from cybernetic attacks, check the status of devices that are connected to a common network.
  • Energy. Purchase and sale of electricity without intermediaries, energy consumption accounting. 

Blockchain solutions integration

When deciding to use the technology in your own project, you need to contact the developer or programmers. It is important that the specialist is not only fluent in programming languages, but also well versed in decentralized architectures. In theory, blockchain can be implemented in any platform. It is convenient to use the programming language in which the organization's IT systems are written.

It is not enough to hire programmers and set them the task to implement a distributed registry in the company's work. This should be done in several stages. First, you should determine how to use the blockchain, for what purpose and what it will get. At this stage, it is possible to assess the need for blockchain technology and determine whether it is appropriate to use it. If the decision is positive, it is necessary to form a concept of the future solution. At this stage, it is important to think through the platform, as well as to assess the risks and consequences.

The next step is to determine the appropriate architecture. The organization must decide whether to develop blockchain from scratch or use a ready-made platform (it can be Ethereum or Hyperledger). It is also necessary to determine whether a private or public blockchain will be used, how complex the algorithm and consensus mechanism will be.

Only when the above steps are completed, you can start creating the product. Even its minimal implementation will help to identify weaknesses and shortcomings.

The development of a blockchain solution is in many ways similar to conventional software. Its goal is to create a complete and properly functioning product according to this concept, in which the number of bugs and errors is minimized. When detecting the latter, it is necessary to involve professional testers. If you decide to implement blockchain in your company, we recommend you to read the article about smart-contracts. This and other information will help to present the process of using blockchain technology and successfully implement it.