With blockchain becoming one of the most popular solutions for businesses, everybody’s trying to adopt it one way or another. Some companies are launching separate projects that use distributed networks, while others are integrating blockchain into the existing products.
Either way, acing the blockchain project idea isn’t an easy task. Shifting to the distributed ledger might seem like a straightforward process, yet achieving success among countless competitors is certainly challenging. But with a concise and accurate plan, your chances of flourishing in the industry increase dramatically. Here’s how you can ace the next blockchain project idea.
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Brainstorm the goal and timeframe of the project
Let’s say you came up with an excellent blockchain project idea and you want to bring it to life as soon as possible. Before you dive into the development process, you should contemplate your goals and timeframe. Do you simply want to jump on the bandwagon and integrate blockchain into the existing product? Or do you have a viable solution for business challenges and want to bring change to the world?
The answer to these questions will greatly define your further strategy. Simple integration of blockchain would involve less effort – you could allow cryptocurrency payments with a straightforward network. Viable business solutions, on the other hand, require a more sophisticated approach.
Your timeframe will also shift depending on your goal. Blockchain integration may take anywhere from 2 to 3 weeks, extending even more if the goal exceeds basic blockchain features.
Research previous blockchain projects and learn from mistakes
Not all blockchain projects are perfect. In fact, most of them have significant flaws that could be improved in the future. As someone who wants to launch a new project, you can learn from previous mistakes and address them from the very beginning.
For example, companies decide to integrate blockchain without understanding how it works. They incorporate some of its aspects while ignoring the rest, resulting in limited capabilities for the new product. With multiple companies offering blockchain development services, it’s easier than ever to create blockchain-based software. Yet understanding how these technology works is vital for proper implementation.
Researching competitors’ mistakes and learning more about blockchain will help you come up with better solutions for your business.
Choose a blockchain business model
There are several blockchain business models you can choose from:
- P2P Blockchain Business Model – allows the end-users to communicate directly and makes it possible to earn profit by monetizing the assets and transactions;
- Blockchain As a Service (BaaS) Business Model – enables startups to offer blockchain services to other companies;
- Token Economy Business Model – makes it possible to launch an individual token that would yield profit from transaction fees;
- Development Platform Business Model – allows startups to sell applications based on blockchain;
- Blockchain-Based Software Products – enables tech companies to sell blockchain-based software development as a service.
Determining which business model applies to your blockchain project is a vital component of a successful launch.
Acquaint yourself with regulations
Even though the blockchain itself is decentralized, it’s still essential to abide by current regulations regarding money laundering or the blockchain network itself. You should familiarize yourself with the regulations that are in place in your location to avoid any legal issues. Most likely, you’ll have to abide by at least Anti Money Laundering (AML) and Know Your Customer (KYC) regulations.
Delve into the development process
Once you have the basic framework for your blockchain project, you can move on to the development process. It includes building software on the blockchain or creating a private blockchain for your business. If you want your blockchain project to be full-fledged, you’ll also need to create smart contracts and write white papers.
Don’t forget about marketing
The final step for acing a blockchain project idea is to market your newly-developed product accurately. Understanding your target audience and catering to their needs will be a vital part of the process. Building a discord community and creating hype before the launch will also aid your success.
Similar to any other business idea, blockchain projects require careful planning and detailed execution. Since blockchain technology is always evolving, it’s more vulnerable to improper planning and implementation. But it’s possible to ace the blockchain project idea by having a correct attitude and planning every step of the process.
