Evaluating blockchain for your organization

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.

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.

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.

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. 

If you need help with evaluating blockchain for your organization we can meet with you and guide you through an evaluation process and provide you a detailed report. Please book an appointment here or leave your details here.