Blockchain Principles

Blockchain opportunities for your company

Principles of Successful Blockchain Deployments

The opportunity that blockchain presents for businesses continues to go from strength to strength spanning dozens of industries.

Principles of Successful Blockchain Deployments Introduction

Global spending on blockchain solutions reached USD 2.7 billion in 2019, and was projected to reach USD 4.1 billion in 2020 in spite of the pandemic, while some forecasts suggest it may get to almost USD 18 billion by 2024.

With that in mind, executives and managers are increasingly aware of the transformative potential of the technology. However, prospective users will first have to overcome a few common obstacles. At Web3 Labs we’ve identified three common principles that help address these.

What's holding you back?

There are some common concerns among prospective blockchain users that should be addressed.

Selecting the wrong problem: even though blockchain can be used to solve many problems in different industries, it is still not a panacea. Understanding its strengths is key to putting it to good use.
Unattainable expertise: while blockchain is different from other technologies, it does not mean the niche is closed to all but a select few. There are now plenty of solutions within the space to choose from—all prospective users have to do is figure out what they need.
A lack of adoption: there is a perceived lack of adoption with blockchain, but contrary reports show otherwise. A number of the world’s largest corporations have already implemented the technology to some extent.

Principle 1

Choosing your target use case

What problem are you targeting?

Although blockchain can be applied to many different use cases, there are a number that would benefit more from a different solution.

With forecasts suggesting that money spent on developing blockchain solutions will continue to grow, it’s important to ensure that the problem chosen takes full advantage of what blockchain technology can offer.

Records of Ownership

Focusing your blockchain projects on the right problem is vital for success.

Blockchain is excellent at simplifying records of ownership, currently utilized across sectors from coffee bean production to emission offsetting.

Recording ownership of an asset on a blockchain removes the need for asset owners to have their own internal representation of it.

Find out more about records of ownership.

Complex Business Processes

Many businesses involve complex processes that span multiple entities. Blockchain simplifies this by providing a single source of truth for organizations.

According to survey data, one of the key motivations for exploring blockchain is the prospect of increased process efficiency and associated cost savings.

Read our article on how blockchain simplifies complex business processes.

Digital Fingerprints

If your company is involved in processes that require data authentication, blockchain can guarantee data authenticity. Once data is written on a blockchain, it is unchangeable, making it ideal for data certification.

Read our in-depth explanation on why you should use blockchain for digital fingerprints.

Principle 2

Choosing your blockchain technology

Finding the platform to support your business depends on whether you want a public or a private network, with numerous options available within both categories.

Read our guide on how to choose the right blockchain technology.

Principle 3

Choosing your blockchain team

Consider the level of expertise in your organization to support the selected platform. There are broadly three options to consider:

Self hosted. Onboarding a DevOps team.
Cloud. Blockchain-as-a-Service for third-party management.
Fully managed. Providers create and manage your solution.

Read our article on how to choose the right blockchain development team.