Blockchain and IoT Implementation
Blockchain and IoT will become critical business strategy elements. As a business strategy these solutions are very capable to being transformative and cause disintermediation through the elimination of many internal and external legacy business processes and activities. As a result, a company’s blockchain strategy needs to be an integral part of the strategy for the entire enterprise and all of the company’s stakeholders. When the company’s blockchain strategy includes IoT, it becomes more complex and more robust.
When making decisions about Blockchain, it is important to understand the maturity of the technology, how it will grow in importance, how it applies to your company and your industry and gain a full understanding of the potential Blockchain and IoT technologies have to your business and supply chain. Here at Group50, we have developed a 7 step Blockchain implementation process:
Just like the Internet in 1995, Blockchain and IoT solutions, such as Scioebc™ which is built on top of thinaer IoT platform, have transformative capabilities, but their implementation needs to be well thought through and the significant cost reductions they bring to a company will occur over several years. It will take time to rebuild the lost trust in centralized third parties and allow a distributed ledger to displace the 20-30% of overhead cost that is spent on verification and validation. Improper planning and initiation of a Blockchain and IoT project will result in a failed initiative that cost a lot of money and precious management time. As part of our process, we have created workshops for the first four steps. These workshops are designed to:
- Blockchain and IoT Economics and Governance Workshop: Understand the key levers, the framework for refining strategy, aligning stakeholders and its impact on governance.
- Blockchain and IoT Immersion Workshop: Bring your leadership team up to the same level of understanding about Blockchain and IoT business applications.
- Blockchain and IoT Strategy Workshop: Identify applications for Blockchain and IoT and understand how it would integrate it into your business strategy.
- Building the Business Case for Blockchain and IoT: Developing the understanding the implications in your business, to your customers, throughout your supply chain and to the bottom line.
- Blockchain and IoT Implementation Roadmap Workshop: Creating the multi-year plan for how you are going to implement and integrate.
Each of these workshops are customized for each company and provide a facilitated methodology for senior leadership teams to learn, justify, strategize and implement Blockchain and IoT into their business. Depending on the level of understanding and the time constraints for each senior leadership group, we can mix and match any combination of these workshops.
Take the Blockchain survey to acquire insight on the blockchain maturity in your organization as a first start. You will receive a customized report that is based on you inputs. The survey results will help us craft a blockchain program that is appropriate for you and the members of your organization.
Learn more about Scioebc™, Group50’s Blockchain – IoT solution here.