Building a Blockchain MVP

Bobsguide features a bylined article by Kirill Timofeev, Software Project Manager at DataArt, exploring five fundamental layers of a successful blockchain project, including strategy, legal framework, business process, application data structures and infrastructure.

“Although I share the enthusiasm for blockchain potential, I worry about the hype. Our blockchain experience tells us that if there is to be a blockchain movement, many barriers such as technological, governance, and organisational will have to fall. I came up with a blockchain hierarchy of needs, which is a generic concept that illustrates a minimal viable ecosystem to build a successful blockchain project.

It is a no-brainer to use a popular public blockchain to facilitate a market effect. On the other hand, if you are looking to fix a very specific problem across several companies you can consider using private blockchain to restrict access to a network only to approved members.

Distributed ledger technologies provide an opportunity to fix those processes and specifically improve transparency throughout a shared ledger, increase speed of transactions settlement, and improve standards — blockchain could become a unified protocol that companies would use to read and write data.

Choose a point problem and do MVPs, do not attempt to plan a large scale transformation though, blockchain technology is still very young and will change over time. When you have promising results, build production-grade solutions on top of those MVPs.”

View original article here or download PDF.