Blockchain Applications Assessment

Evaluate the likely costs, benefits, feasibility, and risks of distributed ledger, cryptocurrency and other applications of blockchain technology for your organization

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 Consultants have both the expertise and the methodology to help you assess whether there are blockchain applications your business should be pursuing now. We know what blockchain and cryptocurrency applications are relevant to your industry, common mistakes companies are making in pursuing blockchain applications, and the key considerations to assess for identifying the best blockchain applications for your particular goals and conditions. Our proprietary assessment methodology and software is a multi-criteria assessment tool that rates and compares the many costs, benefits, risks, and other criteria to consider in evaluating a blockchain application for your organization or investing in an ICO. Using our proprietary list of questions we work with your staff and our associates to collect the information and do research necessary to analyze and assess potential blockchain applications.

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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 tool and some assistance from us 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. 

We can adjust the terms of our engagement with you to either do most of the questioning, research, and data collection ourselves or let your staff handle much of this effort.  We then work with you to 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.  Our engagement includes giving you the software and a few hours of training so you can use the multi-criteria decision analysis tool to modify the analysis and present recommendations to management (with or without our involvement as you prefer). 

To get an estimate of the time and cost for a blockchain application assessment for your firm, contact Dr. Drew Miller at drmiller@bchainconsult.com or 402-952-5339.