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Creating a Blockchain Use Case in 7 Steps

blockchain strategy use case diagrams

At TNW2019 in Amsterdam, the in-house blockchain team at consulting giant Deloitte walked participants in the “Beyond tech: blockchain strategy for complex environments” workshop through the process of coming up with viable distributed ledger use cases.

The team noted that although blockchain has its challenges, the up-and-coming technology is clearly well suited for financial applications, supply chain logs, and real estate records due to its transparency features. They also mentioned the technology’s immutability and security. Because all parties in the network are verifying blockchain records, information cannot be manipulated.

During the workshop, Deloitte shared tips on how to use blockchain to streamline business operations and find suitable use cases for the fledgling technology, including the seven-step ideation process that its blockchain team follows when developing use cases.

  1. Ideation: Develop vision, identify value, and define use case.
  2. Proof of value: Assess/test business and technical feasibility, viability, and desirability of the vision and roadmap.
  3. Proof of concept (PoC): Prove concept and technology with a functional prototype.
  4. Pilot: Extension of a PoC to minimum viable product (MVP) with real data and systems for testing of the functional applications.
  5. Production: Extension of MVP to full scale production integration into system landscape of minimum viable experience (MVE).
  6. Ecosystem extension: Connect to additional value chain parties beyond the MVE.
  7. Interconnectivity: Connect to additional blockchains.

Blockchain Promises

If you believe Bitcoin is the only application of blockchain, then think again! Poised to be the greatest IT disruptor since the internet, blockchain’s distributed ledger technology is expected to accelerate breakthrough applications in a wide range of industries— possibly even yours. Do you have a blockchain strategy ready?

Prepare your organization for what’s to come with Enterprise Blockchain, a new five-course program coming soon from IEEE. It’s ideal for managers, professional engineers, and business leaders. Connect with an IEEE Content Specialist today for details!

 

Resources

(9 May 2019). Deloitte’s tips on coming up with viable blockchain use cases. TNW.

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