On June 3rd 2020 I was honoured to be a panellist at the Crypto Valley Event: Bringing Enterprise Blockchain Solutions Alive. Together with great minds in the Blockchain space we discussed about the key success factors of Blockchain solutions for enterprises and many more ideas. Topics that were discussed:
Key success factors
Benjamin Soh from STACS talked about integrating as many technology platforms as possible to the blockchain. It is important to be able to easily integrate a working platform to a blockchain, so that the blockchain solution can improve instead of interrupt a process. Beat Bannwart from UBS added that to successful you have to solve a real problem to give the end-user an incentive to actually you a new platform. In the process you should focus on the main problem and keep the solution as simple as possible to enhance the chance of an end-user be able to understand how to benefit from the solution. Shi Khai Wei from Longhash Ventures had a different approach to define success factors. He prefers picking the right teams and the right people to be successful. Additionally, the team then has to clearly define a problem and offer a viable solution to actually solve this problem. For him red flags are people creating a solution simply because they are able to do so and not because they have a clearly defined problem that they understand and want to solve.
How to tackle problems
Julian La Picque from Uncrypted described his experience about bringing different parties in a consortium together and work on the same problem. He explained difficulties doing this but ultimately concluded that the network effect was strong and finding a common ground is beneficial. Johannes Hinckeldeyn from the TUHH picked up the idea about the standardisation process and how his institute is tackling problems in supply chains by researching standardisation. Timo Schneider (that’s me) from TUHH and CHAINSTEP added that the standard developing process is in his early stages and problems that can be solved by standards are not defined yet. The blockchain standard I wrote my master thesis about was about location storage on a blockchain. The result was that this standard cannot be used across different blockchain technologies which I pointed out by concluding interoperability is a key success factor for blockchain solutions as well as blockchain standards.
What ist the best team
Johannes Hinckeldeyn added his insights about the role of universities in such consortia. He pointed about that universities are predestined to take the role of a consultant. They don’t focus on economic factors but rather the ideas behind the solution. I added that consortia are a good idea when it comes to new ideas and technologies where expertise is rare and problems are difficult. As soon as ideas mature I concluded that consortia play a less important role and agile companies or start ups are better suited to bring a solution alive. Shi Khai Wei had a slightly different view by saying that it depends mainly on the use case itself. Consortia can be beneficial.
The above-mentioned topics are just a glimpse of the whole discussion, that can be found at the bottom as a video. It was a lively discussion and shares some fundamental thoughts we at CHAINSTEP live and breathe day to day. If you have further ideas or question do not hesitate to mail me at CHAINSTEP or simply get in contact via LinkedIn. I’m always happy to share ideas and talk about future projects.
Written by Timo Schneider