BCH Global’s Blockchain Implementation Guide
Updated: Aug 18, 2019
How can l I use blockchain to fuel my business?
Enterprise CIOs are visualizing blockchain as a business model with the power to operate in large industries. However, they also know that the process is quite challenging and may require further investigation.
With the contribution of enterprise C-level executives, at BCH Global we have put together this Blockchain Implementation Guide. Ready? Then let’s go!
First things first. Gather your troops: successful enterprise executives got every individual from their company to team up. They sought for C-level support by inspiring them to brainstorm and prepared them for the big blockchain implementation project. When company members lacked in blockchain knowledge, they educate them.
Once the CIO’s team was prepared for the outcome, the CIO called a meeting and discussed the possible scenarios they could use.
C-level executives tell us that the use case must not necessarily be one that resolves the company’s current pain points. Most of the times a blockchain initiative is set up to trigger internal conversation and generate ideas and awareness of the possibilities inherent with the technology.
Don’t rush in this stage. Be patient. it will always help you take the right decisions. Also, remember never to take irrational decisions. You need to set your goals to something you and your team can achieve, not something that’s beyond help.
Develop the proof of concept (PoC). BCH Global members used this time to test the assumptions and never stubbornly stuck to the initial plan. They kept the PoC short and as simple as possible and always allowed for ideas to flow. They were prepared to change the course of action. C-level members of the BCH Global community usually have followed these steps in their own PoC:
They focused on a specific business scenario.
They took small steps.
They embarked innovation enthusiasts and people with a constructive mindset.
They always listened to those who resisted against the PoC.
They tested, tested, and again tested for all possible outcomes.
They collaborated with other company departments (e.g., IT, legal, accounting, marketing) as well as with other companies (e.g., technology vendors, suppliers, customers).
They ensured that the newly introduced blockchain-based applications would not be intrusive to the existing applications portfolio and IT architecture.
Develop the applications. To make the best use of the time and effort dedicated to the PoC, C-level executives always incorporated the following:
Tokens: introduced a new company-specific token or (preferably) integrated already existing tokens.
Decentralized storage: they moved to a cloud storage.
Permission type: decided to opt for one of the options among permissioned, permission-less, federated.
Data security: chose the consensus protocol.
Developed APIs that handled: key pairs generation; audit system functions; hashes and digital signatures; data storage and retrieval; integration of smart contacts with enterprise IT systems.
Developed user interfaces intuitive and easy to navigate.
Advertise: BCH Global members always invested in marketing policy so that their blockchain implementation got the deserved attention and endorsement.
Set the budget for the full blockchain project: BCH Global members have given us a rough estimate of the average cost elements to implement a blockchain-based enterprise project, based on the assumption that it runs on existing blockchain-as-a-service platforms and uses existing tokens (where appropriate).
Time to prepare the project business plan and project-manage: between US$1,500 and US$50,000.
Changes to the company front-end: it can cost between Us$500 and US$2,000.
Smart contracts development: the costs ranges between US$3,000 and US$30,000.
Legal payments: legalizing the new launch may require US$50,000-US$150,000.
Decentralized application development environment: suited for a developer audience, it can cost around US$1,000.
Marketing campaigns: marketing the new change can require between US$1,000 and US$10,000.
Anti-money laundering protocols: the pricing varies and must be factored in the final calculation.
Added level of security: It can go up to US$10,000.
Improving already existing features: It can take easily up to US$20,000
Aim for projects that are simple, with easily measurable results, that don’t take more than 4 months, that are not intrusive to the existing IT architecture, and only once you have the support of well-informed C-level executives.
The BCH Global Blockchain Transformation Playbook offers an initial set of clear and pragmatic guidelines that can be further enriched by becoming active members of BCH Global and engage with enterprise peers to exchange thoughts, experience, and practices.