How hard to implement a real case with blockchain technology here?

How hard to implement a real case with blockchain technology?

By Hedy

A little statement: we write this article just to share with you some insights or some experiences here not mean to tell you to give up this area. It is always said that right things turn to be hard things.

Now let’s begin:

Considering the popularity and hype gained by blockchain technology in the past few years, the importance of blockchain technology wouldn’t stress again here. But…

In 2020, we did lots of talk with local companies and local governments at the aim of finding a proper case to use blockchain technology. There are lots of difficulties during these processes.

Our background:

As our founders are supporting Lisk Ecosystem strongly including our team members and also Lisk is aiming to its product ease of use, so our aim this year is to explore the possibilities more in this area. Because we have a good partner (cannot publish his name here), we have quite resources in local governments. China 2020 also promotes blockchain technology with full efforts and improve this technology as a national strategic level. At the end of 2019, the actual number of enterprises in China was 38.583 million, and the number of individual industrial and commercial households was 82.510 million which is a huge market.

Difficulties through all process:

1. How to find a use case for reality?

Not just to read some articles about how blockchain protect your food safety, what if someone just input fake data on the chain? When we try to use nature of blockchain to trace for medical origins, this question was brought up the most during different departments.

If some business would like to spend their public relations expenses or expenses for advertisements, to use blockchain enhance their reputation. What will be the next question?

2. The ratio of your benefits and cost?

Calculate the cost and revenue to see the use case worth it. This calculation is not what Party A does but also Party B needs to think about it before you sign the contract. Don’t forget to calculate the value of time. Manage your accounts receivable.

Let’s make this more specific. Now most people know blockchain this word from the news but a few people truly understand this tech and know how to use it. So, when you think we will use like 3 months to build a new Dapp to help our client get better products or solve some problems. But don’t forget you need more time to ‘educate’ your client.

For us, one case we used like more than 10 months…

3. When you signed the contract, what’s next?

Nowadays, many companies have their own tech department at least here. So just watch out when you deal with the tech department you might your contract. Or they will reject new tech as they already some experts in their areas.

Besides these, we might sometimes come across this situation: when we want to test APIs, the tech team is already 996 state…(working from 9am to 9pm for 6 days per week). Also a long time wait or lots of negotiations.

Sometimes, you spend lots of time to introduce blockchain and how to use it and then you might lose the contracts.

4. Difficulties for a small team

SMEs won’t have the budget for blockchain applications design. Using blockchain technology is not that expensive, so big companies might be on top of the list. But big companies in this market would like to use national big companies such as Ant Group.

Those things are totally different from doing investments. But still worth to do it. Investment always searches for new tech but when things come into implementation, the trends would be like old which people used to get some certain pattern.

Here are just some of our experiences in 2020~

Digital asset exchange & decentralised exchange built on the Lisk eco-system. Our official telegram: t.me/EliteX_official