It is important to find a winning blockchain commercialization strategy. With that in mind, Deloitte set out to explore how blockchains can go live at scale.
Blockchain technology is certainly a buzzword. Perhaps, there is no financial services professional who has never heard of the power of distributed ledgers.
While we all talk about blockchain`s benefits for businesses, it must be admitted that there are no use cases that have gone live at scale. If there is a secret to designing a winning blockchain commercialization strategy, it is high time to find it. With that goal in mind, professional services company Deloitte set out to explore what works and what does not.
Blockchain technology has some interesting features like immutability, transparency, and autonomy. It is likely that the tech transforms the ways we transact today. But let us dig deeper. What needs to be done to have a successful blockchain strategy within your organization?
Deloitte has crafted a Blockchain Readiness Framework that consists of 20 vital questions that are divided into six different categories. Some of the questions are listed below:
- How can the platform be updated in production?
- Who is managing the platform and making decisions to update it?
- Is the necessary talent and training available to be sustainable?
- How is regulatory compliance achieved?
The above (as well as other questions) try to identify possible problems and solutions to develop a winning strategy for blockchain use.
The company`s research also finds that each successful blockchain solution has to involve multiple parties across an industry. Consortia are necessary to ensure aligned incentives for participation, whereas outlining roles and responsibilities. Plus, they could be beneficial for orchestrating and supporting the blockchain.
“To develop a winning strategy, institutions should carefully evaluate key players in their target ecosystem while, in parallel, identifying who must be included as part of the product development lifecycle.”, as Deloitte wrote.
In fact, the authors of the research say that the latter stage of the evaluation or the Minimum Viable Ecosystem is vital when it comes to transitioning from experimentation to commercialization.
“An experimental blockchain can be simulated without the Minimum Viable Ecosystem, but a commercialized solution cannot be sustained without it.”, as Deloitte concluded in their article.