esentri has taken the next step on its blockchain / DLT endeavour. Attending the 2nd annual IBM Blockchain Summit last week at IBM’s research center in Böblingen/Stuttgart, we extended our network and connected to more experts in the field of blockchain and DLT.
While we experienced many interesting discussions and presentations there were three highlights and learnings that stood out. We are happy to share these highlights with you as a blog trilogy – starting with…
The business perspective on blockchain projects
When consulting organizations on starting DLT projects, there are much more challenges to tackle than just technical ones. In fact, from our point of view as integration and tech experts, the technical implementation of a DLT solution (actually any digital solution) is most often pretty straight-forward once business direction and focus are clear.
Blockchain solutions are like playing football though: It’s possible to do it alone, but then it’s not really fun. Hence, you should thoroughly consider your business ecosystem and identify who the players are and how they interact. Then, you need to analyze how each player is generating value on the one hand – and what their individual pains during that value creation process are on the other hand.
Blockchain solutions increasingly thrive the more organizations of the ecosystem participate in the network. Hence, the solution has to offer value and incentives for every party. This has to be considered in the design phase when defining the distribution of governance, cost and benefits. Otherwise, you will pretty soon hit the limits of your solution and remain only a fractional group of organizations relative to your whole ecosystem.
Steps in a Blockchain project
From an operational blockchain project point of view, there are 3 main steps to follow:
- You would start with workshops to find answers to the questions and challenges described above.
- You would design the big picture solution and gain buy-in from your internal stakeholders and affected business partners.
- You would start implementing in an incremental, agile way – inspect and adapt.
The good news: actually this approach isn’t really any different from the digital transformation projects we already run with our clients. So we are looking forward to apply our digital mindset, tech knowhow and innovation skills to pave your way into the DLT universe.
In our second part of the trilogy, learn how the business perspective translates into a real world use case.