Challenge_Opp_Usha

Key challenges for blockchain
adoption and strategies to help
achieve successful implementation
Usha Krishnan
Founder & CEO, ChainGenie®

Let us examine . . .
Key challenges for blockchain adoption andstrategies to
help achieve successful implementation
◦ What are the biggest impediments to blockchain adoption?
◦ What can we do mitigate the risks and overcome the obstacles?
◦ How to get your blockchain PoC funded?
◦ Moving from PoC to production - what does it take?
© 2016 ChainGenie® 2
“If your requirements are fulfilled by today’s
relational databases, you’d be insane to use
a blockchain.” - Gideon Greenspan

What are the biggest impediments to blockchain
adoption?
What can we do mitigate the risks and overcome
the obstacles?
3
Watch-out
Suggestion

Guru and the cat story
Many !! But . . .
What flashed first
before you?
When a guru sat down to worship each
evening, the ashram cat would get in the way
and distract the worshipers. So he ordered that
the cat be tied during evening worship.
After the guru died the cat continued to be tied
during evening worship. And when the cat
died, another cat was brought to the ashram
so that it could be duly tied during evening
worship.
Centuries later learned treatises were written
by the guru’s disciples on the religious and
liturgical significance of tying up a cat while
worship is performed.
Does this story remind
you of any industry?

Avoiding the shiny new toy
syndrome!
Avoid the shiny new toy
syndrome when
relentlessly pursuing
innovation
Look what I
found……blockchain!
What can we do with
it?

Possible options to avoid the shiny
new toy syndrome – question!
Does my use
case require
high
throughput?
Does my use
case require
shared
access?

Many frameworks are available!
• Birch-Brown-Parulava model
• Suichies Model
• IBM Model
• Lewis Model
• Meunier Model

How many is too many?
While solutions exist, including
private or permissioned
blockchains and strong
encryption, there are still
cyber security concerns that
need to be addressed before
the general public will entrust
their personal data to a
blockchain solution.
How far are we from . . .
Interoperability
& Standardization
Blockchain applications offer solutions that
require significant changes to, or complete
replacement of, existing systems. In order to
make the switch, companies must strategize the
transition. ***REALLY???***

Nascent and over-hyped!
“I think it’s a fascinating area to keep an eye out for but I think it’s being
over-hyped right now.— I think it’s being over-hyped from the aspect of
its short-term impact because there are still technical things that you
need to solve and scale and there are still counter-aspects – business
model wise – that aren’t necessarily fully clear.”
-Sondergaard, Gartner
Work on concrete proofs of concept (proof of value?)
Innovators need to clearly define their use case, show why distributed
ledger technology is necessary, and articulate why this will bring benefits
to the industry and value for clients.

Blockchain requires rocket
scientists!
Chris Skinner – Agents of Change: Chris Skinner, The Finanser
https://youtu.be/4xWxyHJacVk?t=186
Let’s find a way to abstract the complexity of technology
and provide an easy way for our leadership teams and
others to understand what blockchain is and how it can
be leveraged!

Industry cooperation and
standards
In order to gain widespread adoption,
standards need to be agreed between participants
that create a common set of protocols for
individual firms to adopt. This is challenging given the
number of participants that need to
come to agreement.
For some markets, ‘critical mass’ will be achieved by a
smaller group that will then work together and create de-
facto standards.
*****Can you name a few who are working
towards this?******

Scalability and resilience
Many stories of blockchain experiments
and proofs of concept running. Few if
any have been deployed into a true
production environment and run with
real-world customer volume
Focus on challenges and lessons
learned by beta testers and early
adopters. Find the right use case.
Make your choice based on value
proposition of the solution
Evaluate scenarios – not everything
needs to be on chain.
Make the best use of on chain and off
chain situations.

Regulatory and legal frameworks
Regulators will need to update the ways that they
protect consumers and the economy as blockchain
will bring new challenges.
The blockchain community will also
need to overcome the negative
connotations of its Bitcoin heritage
that still impact on regulators’
perceptions.
*Want to hear a story? A cat who was
afraid to go near cream!
Blockchain and Bitcoin face a hurdle in
widespread adoption by pre-existing
financial institutions, if its government
regulation status remains unsettled.

How to get your blockchain PoC
funded?
14

Steady and study
Identify relatively quarantined process
that offers an opportunity to pilot the
application of blockchain in your
business. This will help improve
familiarity and identify potential risks.
Focus on challenges and lessons learned by beta testers
and early adopters. Find the right use case.
Make your choice based on value proposition of the
solution
Respond or react, choose
wisely

Understand the value proposition
before selling it
Proof of Concept (POC) “a realization of a certain
method or idea to demonstrate its feasibility, or a
demonstration in principle, whose purpose is to
verify that some concept or theory has the
potential of being used.”
Proof of Value (POV) is “a realization of a certain
method or idea to demonstrate its feasibility, or a
demonstration in principle, whose purpose is to
verify that some concept or theory has a potential
and demonstrable value to the organization if
deployed in the suggested manner.”

• Look for use cases with best fit
• Avoid holy grails (for the first round!)
• Identify the implementation dependencies,
especially interoperability with legacy
systems
• Develop & streamline processes. Can you
define actions on real-time trigger
notifications?
• Create / adopt standards - collaborate, reuse,
share . . .
• Foster engagement within your ecosystem
• Beware of “innovation amputation”
*** Did you know . . . ***
Choose your legos wisely
Get it right, preferably the first
time. Be ready to change and
accept that it is ok to fail!
• High initial capital costs
• Complexity
• Shortage of skills
• Over hyped
• Peer pressure
• Proliferated vendor
landscape
• Little to no integration
• Uncertain regulatory status
• Unclear path from existing
tech to new tech

Moving from PoC to production - what does
it take?
18

Points to remember
Download print ready guide from -
http://chaingenie.com/images/soliditysecuritytips.pdf *Depends on your implementation

Plan your deployment
PoC
- Prepare for failure
- Keep it simple
- Plan on and off chain
- Validate your security
plan before deployment
Pilot
- Rollout carefully
- Plan phases and test
conditions
- Test, retest and test
again your security
conditions while at
limited user pilot stage
Production
- Beware of Blockchain
- Stay up to date

21
Ask not,
“What is my blockchain strategy?”
Instead ask,
“How will my business operate in a
blockchain-enabled world?”
ChainGenie®

Challenge_Opp_Usha

Recommended

Recommended

More Related Content

What's hot

What's hot (17)

Viewers also liked

Viewers also liked (20)

Similar to Challenge_Opp_Usha

Similar to Challenge_Opp_Usha (20)

Challenge_Opp_Usha