Implementation of blockchain in business

Blockchain has gained widespread popularity largely thanks to the cryptocurrency. However, the tech-savvy world soon realized that there are many other uses for this technology.

Today, governments of developed countries and large companies, including Google, Facebook and Microsoft, are investing in blockchain development.

According to the consulting company Accenture, by 2025 this technology will become a global and integral part of the world’s capital.

But, behind the loud words, as usual, a gray reality is hidden. As practice shows, in 2021, ordinary business has no idea how blockchain implementation can help it. We will try to reveal this question in this article.

The positive qualities make blockchain applicable in almost all branches of business. The most obvious benefits are found in finance and insurance, which is why the technology is used most often here.

The main advantages that the introduction of blockchain into a business gives:

• Security of transactions. There are no risks in blockchain. Each block of the system is related to the previous one and cannot be removed or replaced. This means that you can not be afraid that your counterparty will not fulfill obligations.
• Incorruptible. Blockchain is a technology. It cannot be bribed or deceived, and there is no such thing as a “human factor”.
• Minimum fees. Commissions from many small transactions can result in an impressive amount at the end of the month. The blockchain, due to the absence of intermediaries, makes these costs minimal.

• Transaction speed. Thanks to blockchain technology, it does not matter to you when the banking day ends and in which country the counterparty is located. A money transfer is carried out in 2-3 minutes at any time of the day. For comparison, a SWIFT transfer can take several days.
• Complete confidentiality. Hacking a blockchain is almost impossible. To do this, you need to have simultaneous access to hundreds and thousands of computers that are involved in the network. Therefore, using the blockchain, companies guarantee themselves complete security.
• Increased customer confidence. Thanks to the blockchain, consumers can receive reliable data on the origin of goods, the date of packaging and the expiration date of the goods, which significantly increases their loyalty to the seller.
• Independence. Blockchain does not depend on the political environment in different countries, which opens up great opportunities for scaling.

The integration of technology into business processes occurs in stages. Let’s take a look at the main steps to be taken along the way.

Determine how you will use the technology

Before ordering the introduction of blockchain into a business, you need to decide exactly how you want to use it in your company, and what specific tasks it will solve. This will help you set a specific goal and make future plans.

You can launch and test several pilot projects to see which ones will be more promising for your company. Invest in small, test, and only then move on to large-scale actions.

At this stage, you can start a consultation with AVADA MEDIA specialists who have extensive experience in developing blockchain solutions. Having studied your business processes, we can provide recommendations that will help you avoid unnecessary costs in the future.

PoC proof of concept

Any blockchain development implementation starts with a Proof of concept. This is the way that determines the practical feasibility of the project. In simple terms, we test ideas for viability without wasting your budget.

Choosing a blockchain platform

The success of the project implementation largely depends on how correctly the blockchain platform was chosen. She must have all the necessary tools to work with your area of ​​business, and comply with the planned budget.

Popular blockchain platforms:

• Ethereum – Used primarily for developing smart contracts and decentralized applications.
• Quorum – often used to eliminate the risk of data fraud in transactions.
• Hyperledger Fabric is used to implement enterprise applications for organizations of various fields of activity.
• Multichain is a versatile platform that can be used in many areas of business, including education, finance, retail and HR.

If you are at a loss in choosing a suitable platform, you can consult with AVADA MEDIA specialists.

One of the most important parts in the development of blockchain projects is the implementation of smart contracts, which in the future will allow the company to conduct vital transactions without the intervention of third parties. To do this, developers must provide the smart-contract with the necessary set of rules that can take into account various factors.

In addition, the solution should have a clear and logical interface that will be comfortable for your staff to work with.

After development, thorough testing of the network and, in particular, of the smart contracts themselves is performed. This is to ensure that the system is working properly and is ready to start.

Blockchain network launch

To launch the blockchain, you just need to create the first block. But, it must include all the characteristics of the chain. That is, in fact, at this stage, the foundation of the entire project is being laid.

AVADA MEDIA has been developing technological IT projects for over 10 years. In our work, we use advanced technologies, and are ready to offer effective solutions for any task.

Our experts will help you implement blockchain into your business, and can get involved in the work even at the stage of planning and hypothesis.