Blockchain

Five essential steps are followed for the successful implementation of the blockchain technology: 1. Identify the use cases to figure out if a blockchain is necessary or if a centralized platform makes more sense. 2. Create a proof of concept which is a way to verify that the use cases will work as intended. This can be done through a prototype that nicely demonstrates the use of blockchain for specific use cases. 3. Choosing a blockchain platform the right consensus protocol and the overall architecture. 4. Developing smart contracts that interact with the blockchain network. They are programmable and can automate predetermined processes that are agreed upon without needing anyone to manually submit them. 5. Maintenance and update of the network which means keeping up with the main blockchain, scaling when necessary, and paying careful attention to ensure that the blockchain implementation is secure.

The cost of building a blockchain solution varies from type to type and the features integrated. However, the average cost of implementation can range from $30,000 to $350,000.

The strategic process includes problem identification, picking a consensus mechanism, choosing a blockchain network, developing nodes, designing UI, and building APIs.