Consider Network Participants
First, it’s necessary to know who will participate in your blockchain network and to understand the motivations and risks for each involved party. Why would they want to participate and what might prevent them from it? Determine and/or explain the value of data sharing within a blockchain context, and develop an action plan. For instance, how will each participant roll out the technology, collect data, and encourage adoption.
It’s also important during this phase to align incentives—create a scenario where everyone wins! The value of the network should be shared equally amongst participants. Finally, determine the Minimal Viable Ecosystem: what is the minimum set of features to offer and the minimum number of participants required for the blockchain to work successfully? Note, this will be very specific to your use case, and can easily be explored during a workshop with us.
Build a High-Level Business Plan
Once you’ve determined the network’s participants and its governance, next comes the fun part: monetization. What’s the point if you’re not creating value? Again, key questions to ask include:
- How will this help build shared value?
- How is the value returned to participants?
- How can the network and associated infrastructure be sustained and maintained?