It’s hard for enterprises not to see and contemplate using blockchain. But more often than not, companies don’t want to take on the challenge of exploring blockchain solutions with their business partners. A recent global blockchain survey says that 74% of organizations feel compelled to use blockchain network in improving efficiency. Only 34% have taken steps towards the same.
To most organizations, skipping the risk is more convenient. They would rather use blockchain by other companies just for the privilege of the same. Blockchain has created enormous opportunities for tech startups to convene the right parties and build up networks that enhance cross-enterprise efficiencies.
A Ready To Use Blockchain
The past ten years have seen lean startup methods, DevOps practices and cloud platforms change the transformation of startups from ideas to viable products that scale up. The innovations allow startups to create solutions that are viable for implementation and rapid use.
Startups offering blockchain solutions benefit from the knowledge. But at the same time face new challenges. To begin with, building networks that reach such critical mass and generate such significant returns requires a lot of convincing on matters scalability, security and resilience that is expected.
Approaching enterprises and convincing them how integrating blockchain networks can benefit them and addressing current concerns that block them from accessing blockchain services can be quite a daunting task. But we have made it a whole lot easier. Here’s how to approach such a conversation;
Address Decentralization
Blockchain networks work to benefit the investment and risk without control over the blockchain. Otherwise, it would be another software product solution and not a decentralized blockchain solution.
Separate ownership from control. It can be difficult especially in the beginning when parties involved are few. Nevertheless, it’s possible and easier to start with centralized control as you define what control will be moved and to what governing body with a mix of users with different interests.
Rules of Data and Logic
Improving and growing the network as well as creating a fair return for users are characteristics of a well-designed governing body. If the network has rules of code management, data management and node control, then a fair return is possible.
Once provided, it can be difficult to change the rules on how data can be used. It’s therefore important to consider foundational data while it’s still early. Network users should have input in the design process of policies even if governance is more centralized at the initial stage.
Trusted Third Parties Will Help You Grow Fast
Blockchain’s value is in pooling together the right parties and that way, it’s easier to identify and solve high value problems efficiently and conveniently. Blockchain based startups should consider areas that can be handled by third party service providers in relation to governance, smart contracts, auditing and network operations. It also allows the startup focus on the user.
Focus On Boosting Efficiency
Today’s enterprises operating on software from vendors like Oracle, SAP and Microsoft don’t always agree on details like special pricing rules and order fulfillment status. And the result is wasted time in resolving exceptions.
Blockchain simplifies the operation by having shared logic and data across the networks and eliminating potential for disputes and variations. It makes transactions efficient.