10.6 Implementing Blockchain Successfully - Video Tutorials & Practice Problems

In this lesson, we're gonna take the information we have gathered, and figure out a plan so you that can implement blockchain successfully for you. Right now, this is where you can actually make steps, proactively towards rolling up blockchain in your organization. For that, I will provide you some steps which you can follow towards a successful blockchain project implementation. The first step is to educate yourself and stakeholders. You've taken this course and you've learned a lot about blockchain, and you've also learned about its benefits and limitations, but you need to understand that there's more to blockchain, and you also need to make sure that all the stakeholders involved, also understand how blockchain is gonna work, and how it adds value to your business. So this first step, of educating yourself and stakeholders is essential. Once you've completed that, you need to identify a use case for blockchain in your business. And like we specified, there's a framework where if you ask multiple questions and you can answer at least yes to three of them, then blockchain makes sense for you. Well, find out that use case in your business, and establish that as the use case you're gonna pursue. Don't try to apply blockchain to every single element of your business, just find one area that makes sense for you and determine if that that's the case, you're gonna pursue. Next one is to determine the team that's gonna both create, and manage the solution, because you need to have people to build the solution, but you're also gonna have people that are gonna manage that. Remember, you're gonna be gathering information that's gonna be recorded in a permanent and immutable manner. And if you're gathering incorrect information or garbage, it's gonna wind up being garbage in, garbage out. So make sure that you establish a team that's gonna both create and manage the solution. Next one is to develop a proof of concept. So, once you've established that use case, develop that proof of concept and figure out which type of blockchain you're gonna use. For this proof of concept, I encourage you to use a private or permissioned blockchain, because it's gonna give you more control over what you're gonna roll out. Also in this process, determine some measurable goals which will determine success. That way you will know if it makes sense to proceed or not. So as you flesh out this proof of concept, establish some measurable goals, that will help you gauge, if you need to proceed or not. The next one is, once you've got this PoC, set up a limited field trial. For this limited field trial, it'll use a limited time and scope, and get some measurable results, which you can track. The goal is that instead of rolling out to your entire user base, for instance, or to all of your partners, then do it in a limited environment which you can control and monitor, and be able to determine if it's working or if it's not. This limited field trial, is gonna give you the information you're gonna need, to see if it makes sense and how you can proceed implementing blockchain in your business. Once you've got the results for this proof of concept and this limited field trial, you need to then analyze and determine if a full scale rollout is warranted. And this is important because in many pilots, sometimes it might not make sense for you to proceed with the blockchain implementation. This is why it's so important for you, this field trial, because instead of spending all the money and going all the way through to roll out a blockchain solution that doesn't work, by conducting this limited field trial, you'll be able to see if it made sense or if it didn't. This is a critical step. If in fact, once you actually analyze the results, it makes sense to you that you should proceed, then continue with developing the entire application, and I wish you much success, as you roll up blockchain in your business.