Anonymous asked Blockchain SmartTech , 7/5/2018 ( 1 comment )

Why should my company consider a blockchain pilot?

Blockchain SmartTech replied:

Without knowing the specifics of your industry, we’ll have to answer somewhat generically. In general, there are three good reasons why a company should consider a blockchain pilot project:

1) To Manage Risk.  There’s a lot of hype – perhaps too much - about what can be accomplished using blockchain technologies and it’s never a good business practice to succumb to hype. However, there’s a lot of innovation taking place using blockchain technology so disruption IS happening. And you don’t want to be the only CEO or CIO on the block (no pun intended) that can’t answer the question “what are we doing about the blockchain?” when asked by your stakeholders or board. You also don’t want to wake up one morning and read a Forbes article about how your company or your industry is getting disrupted by two kids in a garage who find a novel use for blockchain. A pilot project – especially one deployed by an outside partner - is a great way to assess the true value of the technology without investing too many resources up front.  

2) To Learn.  A blockchain pilot could help determine the eventual scope and complexity that makes sense for a blockchain implementation (if any) at your company. You can test and validate assumptions and the benefits (again, if any) before you consider investing in a larger scale rollout. A pilot can also help you find any blind spots that you might have about the technology or its application to your business model.   

3) To Ensure Buy-In. IF you decide to roll-out a larger scale project, the results of your pilot can help you -- and those potentially affected by the new project -- to better understand it. Some people naturally have a tendency to obstruct the unknown – and it’s far easier to get them behind something that is real and concrete. 

This list is by no means exhaustive – there are thousands of reasons to consider a blockchain pilot before implementing a broader project – but these are a few reasons at the top of the list.