Evaluating blockchain for your organization
Are you looking to deploy blockchain based solutions for your company? This post will touch upon few points and exercises that you can conduct in your company before thinking about blockchain for your company.
List of unrecorded transactions
The first exercise we recommend is to identify the list of transactions in the organization that are not recorded in any format be it physically in a notebook or digitally in a database. This will help companies to look at every nook and corner of their organization for transactions. Once the transactions are identified then prepare the flowchart of the transactions to determine the finality and various status of the transactions and the parties involved in the transactions. This exercise will help you do UAT on the blockchain solution when it is developed and deployed.
Transactions that are not trusted
There may be transactions that are currently recorded in physical ledger or digitally in database. There may be a problem with transactions where people don’t trust these transactions. This can be a completely internal transaction that involves various departments within the company. Identify why the transactions are not trusted. We had a client who said that there were too many corrections in the transactions just before the end of fiscal quarter and fiscal year. This really jeopordizes the management and they do a full scrutiny of the transactions and detect anomaly and this was a stressful process they went through before they report their numbers to the public. Document the status of the transactions and the finality of the transactions.
Transactions that involve external companies
If your organization does business and records transactions with other companies then record those kind of transactions on a shared legdger. If you are part of a consortium then it is time to think of using blockchain as a way to share data with other organizations. If the transactions are subject to regulations then you can think about employing blockchain to mutually reconcile it in real-time.
Protecting the digital assets
Blockchain is transforming the internet from internet of information to internet of value. To quote Eric Schmidt former CEO of Google
The ability to create something which is not duplicable in the digital world has enormous value.
Blockchains now provide a way to create and protect original digital assets on the internet. If you are in the arts industry then it is time for you to list the assets and make them real and trade them for utility or commodity on internet and receive royalties for these assets.
Founder & CEO
H.Thirukkumaran has over 20 years of experience in the IT industry. He worked in US for over 13 years for leading companies in various sectors like retail and ecommerce, investment banking, stock market, automobile and real estate He is the author of the book Learning Google BigQuery which explains how to build big data systems using Google BigQuery. He holds a masters in blockchain from Zigurat Innovation and Technology Business School from Barcelona Spain. He is also the India chapter lead for the Global Blockchain Initiative a non-profit from Germany that provides free education on blockchain. He currently lives in Chennai India.