Updated: May 27
The gap between Enterprise Blockchain testing and implementation is understanding. Simply put, if organizations do not understand how to implement Blockchain into their industries then they simply won’t change the structure of their business to accommodate Blockchain. The overall potential of Blockchain isn’t connecting with organizations as much as it should be because of the lack of understanding on how it can drastically improve business. Fundamentally, blockchain technology is a constantly evolving force of nature, so it’s important to understand its core values to understand how an Enterprise Blockchain Project can drastically improve business.
1. Prototype or PoC
The Prototype phase is where an idea is tested to learn key information at an early stage of the development stage. The Prototype phase should be initiated once a hypothesis has been drawn up to find the answer to a problem, but there is still uncertainty about the result. This stage, concerning Enterprise Blockchain, is critical to developing and improving the core idea. This is critical to showcasing the Blockchain Project to shareholders for them to visualize the result of the Project.
The Pilot phase is the early hours of your project showing ‘live’ activity; the test phase is still ongoing because every stage is a learning opportunity but to realize how a project is functional it needs a Pilot. An organization should enter the Pilot phase when they believe they have an effective solution, as tested in the Prototype phase, and they need to understand how it works with real components. Pilot phases are usually conducted on a small scale, to estimate what will happen when it is adopted by a larger population. Some governance may have to be implemented at this phase as more organizations may join the project.
3. MVP (Minimal Viable Product)
The MVP, or Minimal Viable Product, phase is critical to finding out if there is a strong demand for the solution being offered. This phase also establishes what is working, what isn’t working, and any adjustments that are needed to improve the Enterprise Blockchain Project. The MVP phase is well used by start-ups and larger organizations because even while utilizing limited resources, this phase can gather valuable insights and crucial feedback to optimize the Project. This phase requires a strong governance and potentially formation of a consortium.
4. Mature Consortium
To develop an effective project, Blockchain technology requires collaboration from companies working in an open consortium. Large industry members in the Oil & Gas industry such as BP, Chevron, Pioneer Natural Resources, ConocoPhillips and others have formed a consortium called Blockchain for Energy to develop Blockchain technologies to understand how Blockchain technologies can revolutionize the Oil & Gas industry and to avoid missing out on Enterprise Blockchain technology. Forming a consortium allows multiple companies to benefit from the Blockchain Network the moment the project is implemented, by working with a system that establishes the benefits of collaboration. For Blockchain to be effective, enterprises that use the technology must be ready, willing, and able to work in a consortium.
Companies that are serious about the potential of using Blockchain technology to be commercial should consider funding, governance, and sense of membership of the consortium that they join.