| |December 201919As more and more executives understand the benefits Blockchain can bring, and as they complete the implementation of other digital technology initiatives, they are finding the bandwidth and budget to start seriously looking at Blockchaintechnologies likes IoT, AI, RPA and many others it is a single organization implementing it for themselves. The advantages that come out of it extend to the organization, their customers and vendors. Therefore the company is in control of when & how to cre-ate solutions. But Blockchain is a to-tally different beast. This being one of the reasons companies are strug-gling to implement Blockchain and in most cases they do they do not see any value. So there has to be a paradigm shift to deliver the value of Blockchain; a model in which the organization owns & controls theirs systems and to a model in which sys-tems are shared. In other words to build "trust" you have to trust other. Somewhat of an oxymoron!Blockchain has been around for over a decade. A lifetime in the world of information technology. And yet it has very few, if any, best practices, fragmented at best a proven ROI and little experience of companies who have implemented it fully. But as more and more executives under-stand the benefits Blockchain can bring, as they become more familiar with the technology and as they com-plete the implementation of other digital technology initiatives, they are finding the bandwidth and budget to start seriously looking at Block-chain. As a result ideas and best prac-tices are emerging to initiate the use of Blockchain. 1. INDUSTRY COLLABORATION One needs to look at history to un-derstand the importance of this. The United Nations was formed in Oc-tober 1945. Imagine back in 1940 when Communism was active in major countries of the world. Brit-ain was still ruling over India and dictatorship was still around. Yet the world took a leap of faith and de-cided to create an organization where all of these countries would come to together to solve problems i.e. the United Nations. This was some-thing akin to Blockchain where eve-ryone had to trust everyone to solve common problems. In other words collaboration was the key. And it was motivated to ad-dress common problems, if not re-solved may even read to oblivion. Today, Climate Change is bringing all countries together to battle a com-mon problem. The world of industry is no different. Industries constantly face situations where a rule or law or natural events may seriously harm the industry. So common pain needs a common resolution. This means organizations need to come together to address a common problem for their own benefit and for others. 2. BUILD A BETTER MOUSETRAP AND THE WORLD WILL BEAT A PATH TO YOUR DOOR­ NOT WITH BLOCKCHAINThe age old adage of "Build a better mousetrap and the world will beat a path to your door" cannot apply to the implementation of Blockchain. The very crux of Blockchain is col-laboration. So building a wonderful Blockchain solution on your own and then asking other companies to sub-scribe to it will start with resistance. Any Blockchain implementation must be done together with other companies. Each must trust and be-lieve in the other to address the core problem they are facing. This is further complicated be-cause the understanding of Block-chain is very limited across organi-zations. So getting everyone to the same baseline will need leadership from one or a few. 3. A THIRD PARTYBringing competitors together to de-velop a solution is in itself very hard. Ensuring they continue working to-gether without issues developing is close to impossible. The solution is to have a neutral party in the room. Someone who everyone trusts. 4. EVOLVEOrganizations are still getting their heads around Blockchain. Combine this with the fact they have to work with other organizations makes it even harder. So what is the solution? Use the Agile methodology and pro-duce systems in 1 of 2 week sprints. Success promotes confidence. Short-er sprints also ensure that as you de-velop you can change. Developing a system with one user giving the re-quirements is hard enough. Multiple organizations giving requirement makes it much-much harder.
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