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5 Good Blockchain Tips From – of All Places – the Government

  • By Andrew Deichler
  • Published: 4/3/2018

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Uncle Sam wants you to consider five key takeaways when thinking about implementing blockchain.

Yes, even the United States Treasury is hard at work on its own blockchain proof of concept, and it has just published five “quick takeaways” from its own efforts for organizations considering adopting the technology.

1: DETERMINE WHETHER BLOCKCHAIN IS TRULY A GOOD FIT.

While blockchain has the potential to solve many problems, a good first step is to develop a deep understanding of the problem(s) within your organization hand to gauge whether blockchain is truly the appropriate solution.

Answering “yes” to several of the following questions could indicate that blockchain is the appropriate tool for the job:

  • Do you need a central repository of information?
  • Is more than one party reading or writing transactions to a database?
  • Is there a lack of trust between parties in the ecosystem?
  • Are central gatekeepers introducing costs and/or friction when verifying transactions?
  • Are there interactions that could be programmed to self-execute?

2: FULLY UNDERSTAND YOUR PAIN POINTS.

Different people see different problems, so it can be helpful to engage a broad group of stakeholders to help uncover problems that may be flying under the radar. Treasury noted that missing an important perspective early on could lead to delays and other issues during the blockchain development process.

3: MAP OUT YOUR BUSINESS PROCESSES.

Treasury noted that nearly half of its blockchain project was focused on understanding and documenting processes, which led to the discovery of surprising friction points. Asking basic questions about why you’re looking to adopt a blockchain solution and whether your system has functionality that you aren’t using may ultimately help you solve your problems without adopting a new solution.

4: BUILD A DIVERSE PROJECT TEAM.

Different people have different perspectives, and having representatives from across the organization can help you develop a better application. Treasury recommends including blockchain skeptics and non-technical people, along with IT.

5: GET GOVERNANCE APPROVAL.

Agency governance, while time consuming, is essential. Presenting your project in front of your investment review and technical review boards can bring new perspectives and help you address problems you didn’t see before.

Looking for practical applications of fintech? AFP 2018 educational sessions like Can a Bot Do Your Rolling Forecast?, Capitalizing on the Fintech Boom to Transform your Business and Artificial Intelligence in Corporate Treasury: Added Value?, provide corporate practitioner perspective on emerging tech. Learn more.  

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