While there are many great blockchain platforms out there, not all of them will succeed. Here’s what you need to ensure the success of your blockchain solution.
1. A serious, practical real-life application.
This might seem like an obvious one, but the solution needs a realistic problem that it’s trying to solve. The problem does not appear once the platform is created. Instead, the platform must meet the problem.
Blockchain isn’t exactly niche. In fact, there are a myriad of problems that blockchain technology can solve. It naturally suits any situation where there’s a need for transparency and traceability.
Our platform STAMP, for example, targets three different issues: poor governance in supply chains, reduced data visibility in the fuel sector, and a requirement for better data management in precious metals streaming.
If your platform is designed to solve a problem – and most should be, unless it’s designed for trading virtual cats – then you must identify the problem before creating the solution.
2. A Proof of Concept – more than just an idea.
Even now, there are a myriad of companies out there who simply don’t have a finished product. While announcing that your company is foraying into blockchain can bring significant immediate press, it won’t bring long-lasting success without a real POC.
Proof of Concepts demonstrate that your ideas actually have merit. While you might be able to say that you have a great idea, without the ability to actually implement it, your idea won’t bring your company success.
3. A blockchain platform that people can understand.
More people are understanding what ‘blockchain’ means and what, exactly, the technology can do. Yet having an overly complex solution to what seems like a simple problem won’t impress people. Instead, they won’t be able to understand the true capabilities of your product.
While your client doesn’t need to understand the complex workings of your platform, they need to know why, exactly, blockchain makes it better and why it’s different to other blockchain platforms in the same sector.
- Why does blockchain make your platform better than traditional solutions?
- Can you explain the potential of your platform in one or two sentences?
- If you knew nothing about blockchain, could you still understand the value of the platform?
Blockchain technology has profound potential, and can improve the functionality of a variety of sectors. However, without proper implementation and understanding, a good solution can fall through the market. Most blockchain companies have a valuable product to sell, with the intention of improving industries through visibility and transparency.
We merely need to reconsider how we approach blockchain and how we propose it to others.