Sunday, 1 March 2020

BLOCKCHAIN ECOSYSTEM

BLOCKCHAIN ECOSYSTEM

Blockchain technology is the most trending subject for this generation, in this article introduce to blockchain technology and its ecosystem. Any solution on a blockchain is driven by an ecosystem comprised of these factors: the user, community, existing infrastructure, and financials. Therefore, it is very important from a reporting perspective to conduct an ecosystem assessment. This assessment will help to understand and acknowledge the roles that each of these core components plays in contributing to the blockchain-based solution. The roles of these components are mostly connected via a web of complex interactions.

However, ecosystems are not static, they are fluid and thus continue to change and evolve throughout the entire life cycle of the project. It is important to understand not only natural changes to the ecosystem but also the manner in which the implementation and the design of a blockchain solution may affect (hasten or spur) these processes. The assessment should also be periodically revisited to inform and evaluate key design choices. It should also be updated and reconsidered as the project progresses.

Users

At the outset of the ecosystem assessment, the end-users of a blockchain tool must be identified, and thus the ecosystem has to be understood from the end-users’ perspective. Understanding this end-user perspective involves in-depth research and conversations. It also involves an inclusive design process to fully understand the identity of the end-users, their needs, their vulnerabilities, and any other risks they might be facing. All these needs, vulnerabilities, and risks in the present state, as well as their potential evolution in possible future contexts, have to be evaluated.

Community

In addition to identifying the end-users of the blockchain, their identity and community also need to be understood. This includes understanding the borders of the community, or communities. The dynamics within and between them also needs to be understood. When a community is considered, it is crucial to pay attention to what dynamics and systemic forces are at play, as well as the roles and relationships of all of the community members irrespective of their being direct blockchain end users. Developing this kind of understanding requires cooperation from community members to identify, for example, who could provide a good or service that is integral to the desired outcome, who Can provide the necessary identification to access that service, and validate the validity of identity claims in the community.

Infrastructure

Members of the community must understand the basic structure that binds together to achieve new basic results. Legal and regulatory frameworks, public policies, informal rules or systems, data, and other assets are part of this infrastructure. The desired result can be obtained by taking advantage of these structures. This can cause bottlenecks during the implementation of the blockchain tool. The ability to create friction for these structures can occur at any stage of the project such as - from design to development, deployment, implementation, to sustainability, to potential termination or transition to blockchain tools.

Financials

The implementation of the blockchain tool is driven by financial incentives that affect each stage of the project life cycle. Thus, it is to understand how to finance the blockchain, and who should benefit financially from its implementation. Who will be financially deprived of its implementation and how financial constraints may change This important design option should be important. 

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