- What is blockchain?
- What are the rules for building a successful testing strategy for a blockchain project?
Everyone says that blockchain is the future of digital transactions. But, though, many of us don’t know what exactly is this blockchain technology? Why is it so useful for businesses? Therefore, if you are one among them, this blog is for you. Because in this blog, we will discuss what blockchain is. Not only this, but we will also list the rules for building a successful testing strategy for blockchain projects. So, with no delay, let’s start with an introduction to the term, blockchain.
What is blockchain?
In simple terms, blockchain is a series of records of data that are unchangeable. These records are time-stamped. All these records are managed by several computers, and not by just one. We connect each block of data to one another with the help of a chain. But, why is it so important for businesses? This blockchain network is an example of a democratized system. It doesn’t possess any single authority for looking after it. Therefore, today, many companies are looking after this technology for solving their financial issues. Because of financial issues, this technology can cut down the cost to a good level. In the blockchain, tokens represent assets like cash, raw material, finished goods, etc. Today, most of the blockchain applications are common in finance-related industries. So, this is all about the terminology.
4 Golden rules for developing successful strategy for a blockchain project
Now, let’s discuss the 4 rules for building a successful testing strategy for a blockchain project:
Develop a Business case
For a successful blockchain implementation to any business, it’s important to know what problem is to be solved. Also, it’s important to know whether blockchain can solve that problem. Hence, you need to know the entire process inside out. Therefore, there are some criteria an organization can look into to ensure if blockchain is suitable.
- Do multiple parties share that data?
- Can multiple parties update that data?
- Is verification mandatory?
- Is the interchanges time-sensitive?
- Do agreements interact?
If your answer is yes, then blockchain technology is suitable for you.
Choose your blockchain carefully
Yes, you need to choose a proper blockchain for your purpose. Because there are several blockchains available today. So, choose one that is the most suitable for you. Every blockchain has its own benefit. Every blockchain has a different chain, and each chain performs a unique function. There are different types of blockchain. Some popular ones are private or public, centralized or decentralized, and permission-less or with permission. For example, for security and financial regulations, a permission-less, decentralized blockchain is not sufficient. So, to ensure that you pick the most suitable blockchain, talk to a blockchain expert.
Build an ecosystem
A team is always better than an individual. Right? The same holds true with blockchain. Blockchain works better if you involve multiple stakeholders. Hence, it is important to create a huge blockchain community within or outside the organization. Because doing so increases the trust among the companies.
With blockchain, one needs to ensure two things. First, blockchain can solve the problem. Second, blockchain easily fits in the existing processes. Because if it’s not so, the processes will need to be revised. Also, organizations need to think about privacy, cybersecurity, observance, and how they work along with blockchain.
So, these are the 4 golden rules for building a successful strategy for a blockchain project in 2020. Blockchain will definitely change transactions taking place around the world. So, it’s the right time to get into this.