Blockchain Applications Assessment – A Methodology and Software to Evaluate the Likely Costs, Benefits, Feasibility, and Risks of distributed ledger, cryptocurrency and other applications of blockchain technology for your organization

In Uncategorized by Drew Miller”””Blockchain technologies will impact every business and industry, from retail acceptance of cryptocurrencies, to supply chain secure distributed databases, disintermediation of middlemen (beyond what the Internet has done so far), and many other applications.  Determining which blockchain applications are most important and worthwhile for your organization to develop is a difficult, important decision.  It is not enough to research and think carefully.  A complex problem involving tradeoffs between conflicting objectives and uncertainty requires a multi-criteria decision analysis tool and “what if?,” sensitivity analysis comparing options and possible developments.

Blockchain Business Consultant’s Blockchain Application Assessment methodology covers blockchain and cryptocurrency applications relevant to your industry, common mistakes in pursuing blockchain applications, and the key considerations in assessing best blockchain applications. We offer clients  an assessment methodology and software that is powerful and easy to use. Use our multi-criteria assessment scorecard to compare the many costs, benefits, risks, and other criteria you should consider in evaluating a blockchain application for your organization or investing in an ICO.  Business Blockchain Consultants (BBC) also has a proprietary list of questions and information we collect when engaged by clients to help them analyze and assess potential blockchain applications.

Our proven methodology addresses:

  1. Blockchain and cryptocurrency applications relevant to your industry
  2. Common mistakes in pursuing blockchain applications
  3. Key considerations, issues and criteria in assessing best blockchain applications
  4. Assessing criteria for different blockchain applications
  5. Software (provided) and training in multi-criteria decision analysis tool for blockchain application assessment

While it looks difficult and complex, the analysis is actually quite simple with the software and a few hours of training.  Blockchain applications in rows, are rated and compared by all the criteria (in columns) bearing on whether the application is feasible with good cost/benefit ratio and fit with your organization. Appropriate weights (some factors more important than others) are applied, and a weighted average score is calculated.  Uncertain as to which factors are most important?—change the weight, and see how that changes the total weighted score.  Look at how the different blockchain applications perform across a variety of scenarios. Trying to keep track of all these tradeoffs and issues in your head, or in a spreadsheet or PowerPoint presentation, is impossible.  You need this software—and you need to do sensitivity analysis, inputting different ratings and possibilities to see how blockchain applications will perform under different circumstances.

Disagree on weights or performance of some options by a criteria?—input the conflicting views and see if they matter.  Most of the time they won’t.  In  a complex decision, major differences on some issues don’t change the overall ranking of alternatives, so there is no need to resolve the disagreement (saving time and avoiding arguments).  The best part about using this software and BBC’s analysis process is that you often come up with ideas to change the options under consideration, avoiding some vulnerabilities, overcoming shortcomings, and hedging against adverse developments.

With the software, it takes very little time (minutes) to build the scorecard.  The time investment is in collecting data and considering risks and ways to adjust and improve the alternatives.  The payoff is both development of better alternatives to choose from, and identification of a “robust” blockchain applications that performs best under a wide range of different scenarios.

Don’t spend a fortune hiring Deloitte or IBM to tell you (and sell you on a blockchain application they have developed and are promoting)—we can work with your staff to assess the costs and benefits of blockchain applications applicable to your firm.  There are applications that can cut expenses and increase sales, but many stumbling blocks and problems that are leading to failure in some blockchain pursuits.

If interested in consulting help to assess blockchain applications for your firm, please contact Dr. Drew Miller at [email protected]  or  402-952-5339.