I’ve had a friend since childhood who is today professionally engaged in bodybuilding. He’s become very proficient in anatomy, chemistry, nutrition, and the body’s metabolism. 5 years ago he told me a vivid tale, that in a store there were new fat-burning tablets. I read the instruction, and there was written, the following: “This is a very powerful product. To compensate for its effects, and to remove all the toxins resulting from fat burning, you need to run 2 hours a day, drink 3 litres of water a day, and stick to the latest low-carbohydrate diet…”.
So what am I getting at? When a consultant arrives to sell blockchain to a business, it turns out that in the process of its implementation, several trivial conditions must be fulfilled:
- To digitise all your business processes and assets (blockchain doesn’t work with paper documents!)
- To implement the management of the accounts of both employees and customers by using a digital signature
- To use cryptography to protect the integrity of all databases and control-log all operations
- To make the system transparent, working through an API, with signed receipts for each transaction
- To identify and agree on a set of rules for all participants who will be connected through blockchain
- To reconcile all digitised assets in a single database (even if decentralised – otherwise smart contracts will not work)
While blockchain is being tested in a beta environment, everything’s fine. But for some reasons, the implementation can become very protracted. And then the blockchain experts blame the business for refusing to innovate.
I think that ignoring the above principles is the main reason why most business use cases and start-ups do not proceed further than proof of concept.