services

Blockchain Technology

Blockchain builds trust and transparency in data. It has many great applications. Techformations experts help organizations identify—and seize—the potential.

Blockchain is a powerful, flexible new technology. It is just beginning to live up to its hype. Blockchain is best known for its use in cryptocurrency. It is a distributed database that fosters trust and lowers transaction costs. It has the potential to change how organizations operate. The technology is used in various business and public apps. It tracks items in supply chains, automates customs, and facilitates financial transactions. And many more applications await development.

Organizations face three challenges. They must understand the technology. They must find ways to use Blockchain Technology Solutions to create value. Finally, they must develop an approach to capture value early to fund the journey.

Our Approach to Blockchain

Blockchain unlocks value by removing intermediaries, automating processes, and creating trust and transparency in shared data. We must innovate our business model, improve efficiency, manage risks, and have a social impact to capture that value. The possibilities are endless. But, before organizations can seize them, they must answer some key questions:

  • Should we build our own blockchain or work with existing solutions?
  • If we build our own solution, will it require an ecosystem of other participants to succeed? If so, how do we ensure that enough value is shared to make the journey self-funding for everyone?
  • How do we build and launch our solution? Specifically: What technology stack is needed? What features are critical to creating scale? How do we go to market?

These are tough questions. The tech is complex and unfamiliar to many business and public sector leaders. Techformations helps organizations answer these questions. It supports them throughout the journey. We do so by distilling that journey into a unique and proven four-step process:

  1. Blockchain Workshop. We usually start our blockchain consulting with a workshop. It will bring together senior leaders and industry experts. Participants learn what Blockchain Technology Solutions is. Relevant case studies show where it is useful. Together we start to identify industry opportunities and considerations relevant to your business.

  1. Innovation Sprints. Participants will explore the best opportunities for a blockchain strategy. They will seek the best ways to engage with it. We help organizations find and rank potential use cases. We base this on their business value, risk, and difficulty. We also evaluate different approaches: in-house builds, third-party solutions, and joining existing consortia. Strategy teams and business unit leaders will develop an economic model. Then, they will create an implementation plan for each major use case.

  1. Development of a Blockchain Proof of Concept. The third phase tests and demonstrates the feasibility of a blockchain-based approach. We help organizations find and assess the best platform and architecture for their chosen use case(s). Business unit leaders develop a blockchain concept. They test it for market fit, customer acceptance, and competition. Teams use rapid iterations. They combine early customer testing with market research. This builds solutions and pilots them quickly.

  1. Blockchain Commercialization. We work with business unit leaders to develop a blockchain solution. This includes a strategy for execution and ecosystem development, and a rollout plan with a timeline. Our solution is an MVP—minimum viable product. It’s a comprehensive version, intended for rapid deployment, testing, and adjustment. We also adjust the to fit the organization’s innovation strategy, provide strong go-to-market capabilities, and assist with customer onboarding and pricing.