If you have read our previous blogs on Blockchain, you are probably now wondering what steps you and your business might undertake to incorporate Blockchain. Below are 6 steps to assist you in implementing Blockchain into your business:
If you are uncertain how Blockchain can help your business, it can be useful to ask yourself the following questions:
If any of the above answers are applicable to your business, Blockchain is likely to benefit your business.
By placing your current business process under scrutiny – you will be able to identify inefficiencies or areas that are prone to delay.
After identifying inefficiencies in your business process – the next step is to identify how Blockchain can alleviate these inefficiencies. For example, if a lack of trust is causing friction in your business. Blockchain can assist by providing a shared ledger, thereby increasing transparency.
Before implementing Blockchain you will need establish if it can provide real value, could the process be achieved by using an alternative system.
Ask yourself what you want to achieve by implementing Blockchain. How can your business measure how affective its initial implementation has been.
Consider who would be your most appropriate Blockchain provider, it might be beneficial to consider the following:
We are happy to help. Please post your comment below or call Colin O’Brien, Corporate Finance Director at Cooney Carey, on 01 677 9000. Alternatively, send him an email: firstname.lastname@example.org
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