Upon thorough research, It isn’t difficult to see why blockchain technology is a revolutionary game changer in virtually every industry. Why wouldn’t you seek to implement blockchain? The potential is unlimited with a wide scope of functionality and features no other solution can similarly provide. With a short list of oppositions, one point to being discouraged other than a lack of understanding is the risk involved in hiring the right candidate in such a new emerging industry.

The Right Piece to the Puzzle

As an enterprise owner or decision maker, allocating financial resources to better refine operations and increase revenue can be a much needed but stressful and tedious task. Such efforts will either result in wasted time and money, or a satisfactory journey that was worth the exploration. If approached correctly, the perfect candidate should be reflected as the right fit for your company and thought of like the missing piece to a puzzle. In contrast, using the wrong piece is very much like the concerns that are involved in scoping out the right blockchain company, as this issue alone presents the increased difficulty that comes with the mishappenings of an infant industry.

Blockchain is still a relatively new concept awaiting a lengthy path of development beyond its road maps reach. Mass adoption is still missing, academic use cases are mainly theoretical, and unfortunately, PoCs to demonstrate capability are a paid for service. On the contrary, if one is ready to make the transition into utilizing the immutable, transparent, secure and traceable features blockchain has to offer, the benefits are beyond extraordinary.

Identify, Identify, Identify!

Identifying technology, framework and the kind of developers a blockchain company uses will reveal their capabilities and limitations to providing a well-suited solution. This is extremely crucial as different industries require different technologies, software and methodologies to propel operational processes forward. Not only is it important to find a firm that understands the importance of being well equipped within these variables, it’s also equally important they understand how they are applicable to your industry.

Framework as an Example

For example, where one industry may require R3 Corda as a solution, a DTL framework that uses JAVA and is specifically designed for BFSI (an industry that is notorious for using JAVA written software), another industry involving manufacturing may benefit from using Hyperledger Fabric, a well-suited framework for enterprises to manage supply chain and logistics. With many different blockchain architectures, choosing the right framework can shape overall decisions as they generally entail different protocols, licenses, support models, and community activity regarding patch and feature updates to name a few. The more agnostic your solution provider is in blockchain, compatible technologies and programming languages, the fewer barriers that are presented. Knowing the importance of blockchain may be important, but nothing outweighs hiring a firm that understands exactly what your enterprise requires or benefits from.

Other Technologies

Similarly enough, there may also be compatible technologies in your industry, or technologies that could be implemented in your industry, that can be improved by blockchain. This may require the expertise of certain professionals for proper convergence and implementation. Take artificial intelligence for example. AI as a working pair with blockchain unlocks a wrath of valuable convenience that can create or optimize new or existing services and products for your business model. Inquiring whether or not your potential solution provider employs the right developers and tools can make the difference between additional outsourcing or having an all in one service package that makes management resourceful, simplified and less of a headache. Learn about your candidate and what talent they house, their achievements, past jobs their employees have had, and a better overall understanding of their qualifications.

It could be quite possible your industry is highly dependent on other technological variables not listed above, but the point still stands. Blockchain isn’t a one size fits all solution and absolutely requires the attention of multiple variables to figure out.

An Infant with a Resume

Although not directly related, some of the common restrictions we see in use cases is that they are interpretations, a starting point for designs, and at times can be an overemphasized, non-existing concept explaining how point A gets to point B. Anyone with some kind of scientific literacy can appreciate where the theoretical characteristics of a use case are derived from, but in business, the proof is not exactly in the pudding, it’s in live examples.

In conjunction, the same idea applies to definitive business solutions that are proven to work. Blockchain is such a new emerging industry and field of technology that we have yet to see a full scale of implementations, let alone the iterations of use cases provided by academic research papers and blockchain articles. There was a time where the Cloud had a lack of existing frameworks and required flourishing ideas to propel the concept of its abilities to life. As time passed, reputable cloud storage companies eventually sufficed with proven to work services that allowed for full scale adoption to happen.

However, just because we are still very early within the developmental phase, does not mean that the industrial world should halt adoption. It simply means enterprises should be more careful with who they hire for blockchain solutions, especially at this stage. By thoroughly investigating whether or not your candidate in question has provided successful solutions to their past clients, you will be able to obtain definitive evidence of their work. This is important to note as it will allow you to interview them about their journey along the way, the problems they encountered, the resolutions they came up with, the process of the methodology they found most useful, strategies for organizing workflows, etc. Asking these kinds of question will overall help your company get a sense of how confident they are in what they do, which is exactly the point.

The Verdict

In the end enterprises should consider allocating financial resources to better refine operations and increase revenue by implanting blockchain technology. This implementation into regulatory processes will massively improve their quality and accuracy. So, let me end with a query, are you ready for development of a blockchain based model according to your business idea? Are you looking to create and audit your smart contract and require marketing and PR support for an ICO? Then it’s time to move leagues ahead of competitors and lay foundation for secure machine to machine communication, payments and set new standards in your industry. The implementation of blockchain technology will increase process transparency, optimize business work flow, enhance data security and increase auditability. Choose wisely in terms of hiring a blockchain firm. Block Gemini provides value to your enterprise by providing end-to-end ICO services, legal frameworks, process management and manage payment to token holders. Your enterprise success story starts now! Visit us at https://www.blockgemini.com/