Digital Transformation

7 Things To Know Before Launching A Blockchain Project

Before embarking on a Blockchain experimentation process, there are a few key points to consider.

1 – CLARIFY THE INITIAL VISION
The launch of a Blockchain project must be well defined beforehand during a scoping phase to target the correct use cases and identify the strategic issues at the ecosystem level that such a project implies (mobilization, repositioning, etc.). The initial strategy, the business case, and the impact study must be clearly defined.
Key questions to ask yourself in the scoping phase:
– What problem do I want to solve, and how can Blockchain help me?
– What impact will it have on my ecosystem?
– What return(s) on investment?
– What roadmap?

2 – UNDERSTANDING BLOCKCHAIN TECHNOLOGY
To understand Blockchain technology, you must first know how it works, and its potential uses. Blockchain is not a magic word that can be used everywhere and always, but a hammer that can knock down any nail.
Understanding what Blockchain brings in terms of securing and automating transactions, traceability of trade flows, decentralization of organizations, and dematerialization of assets allows you to have an enlightened approach to the use cases for your organization and to understand the possible gains better.

3 – ADOPT AN ECO-SYSTEMIC APPROACH
Blockchain applications must be thought of on an ecosystem scale (suppliers, customers, partners network…). Blockchain is, in essence, a “distributed” technology. It promotes information sharing, collaboration, and optimization of the collective performance of the actors in a network.
A piece of advice: start on a small scale with the minimum number of players necessary to launch a Blockchain project and develop the network of members as you go along.

4 – ANTICIPATE GOVERNANCE
Particular attention must be paid to defining the governance between the network’s member actors. Several structuring points must be covered:
– What are the goals sought through the consortium/member network? Are they aligned with the company’s objectives?
– What are the most appropriate models for governance and member inclusion?
– Who owns the intellectual property?
– What is the consortium’s funding and revenue model?

5 – STAYING COMPLIANT
Blockchain is challenged by the slow evolution of regulations and standards as new technology. This means it is necessary to be vigilant in registering Blockchain initiatives in the existing regulatory framework, especially regarding cryptocurrency-related uses.
However, given the challenges linked to Blockchain (economic, state sovereignty…), governments are starting to take hold of the subject and establish standards.

6 – THINK ABOUT ASSOCIATING BLOCKCHAIN AND IA
Blockchain is very complementary to AI technologies. Combining these two technologies increases their effects tenfold.
For example, by making reliable, “certified” data available, the Blockchain enables machine learning AI – which requires a lot of data during the learning phase – to be more efficient and accurate. Another example: by ensuring transparency and traceability of operations, the Blockchain makes it possible to audit the decisions made by an Artificial Intelligence, often perceived as a “black box.”
In this sense, implementing a Blockchain must be part of a broader reflection on the digital transformation strategy. It can be considered in resonance with other projects around AI and IoT systems.

7 – REINVENTING YOURSELF / MOVING YOUR LINES
Because it is disintermediated, the Blockchain reinvents organizational models and established roles/positioning in the markets. It represents a total paradigm shift away from traditional administrative and operational models, including within sectors that have already experienced significant upheaval due to the digitalization of activities.
Blockchain is a new relationship between power and decision centers (decentralized) and the economy (collaborative).