Yesterday, we held a webinar where we discussed the state of Blockchain and how technology professionals should approach the nascent technology beyond the buzzword. Led by Naveen Sachdeva, Perficient’s solution director and blockchain practice lead, the webinar attracted over 600 attendees.
Here were some of the highlights:
Defining Blockchain
Many including the general public still don’t have an understanding of what blockchain is, often times confusing the technology with the cryptocurrencies commonly associated. In short, blockchain is a replicated, distributed ledger of transactions with entries referencing other data stores. In legal and business terms, this definition expands to include the parties involved.
Our tweets:
How do you define #blockchain? Naveen Sachveda looks at the #tech from a business, technical, and legal perspective, broken down here.
Learn more about how our blockchain work can help you achieve your goals: https://t.co/yRqBUM8ryj pic.twitter.com/5aS7A2xw1f
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
#Blockchain characteristics serve everyone involved in the midst of a transaction. From a secure platform to complete visibility, nobody is left in the dark.
Looking for training? Check out our offerings and learn more: https://t.co/EWlxaksMHl pic.twitter.com/8lks9APAeL
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
Blockchain Use Cases
At the heart of any technology adoption is the considerations for use cases. Given that the heart of blockchain involves transparency, communications, and records keeping, it’s no surprise that organizations from finance to healthcare to supply chain are exploring their options. Some of our customers whom we’ve been working with over the past few months have already seen blockchain benefits:
“One of our clients has reduced their supply chain from months to minutes using #blockchain. Participants are seeing the value – leveraging direct participation from all parties.” -Naveen Sachveda
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
Blockchain even provides peace of mind in unexpected industries including business process management (BPM) use cases, where organizations can employ improved asset management.
In addition to the use cases we just showed, #blockchain also applies through asset management. That way, nobody feels like they lack visibility in any part of a transaction.
Learn more about #BPM and Blockchain in this blog post: https://t.co/VJtp1oRiCT pic.twitter.com/IkjcahRhTB
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
Getting Started with Blockchain
With all noted popularity of blockchain, the next step is discovering how to get started. Like every technology, the key is to identify a scalable use case that the organization can pilot. Our tweets explain the step by step process and what makes a good use case:
Next, we’ll talk about getting started in #Blockchain, including identifying use cases. A good use case solves a business problem, leverages an identifiable business network, and requires trust.
Wondering how to get started? Learn about our work here: https://t.co/yRqBUM8ryj pic.twitter.com/2cmU2t7BbH
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
What makes a good first #blockchain use case? A minimum viable product.
“You start small, look for low hanging fruit… you just need key stakeholders there who are innovative in nature.” -Naveen Sachveda
— Perficient Integrate (@PRFT_Integrate) April 3, 2018
With research firm IDC predicting blockchain spending to grow to $9.7 billion in 2021 and leveraging use cases in post-trade tracking, shipment management, and records compliance, the potential for innovation is high.
Going From Here
Blockchain interest will continue to grow in the months ahead and promises to change how organizations conduct business. If you have any questions about blockchain, check out our practice page here or stay tuned for more blogs.
