The Pitfalls after concluding a successful Blockchain Experiment
By now most financial institutions have realized a number of blockchain related experiments. Two questions remain unanswered: Which experiments weren’t successful and what happens with successful experiments? From our own experience we want to share how interested parties can prevent spending money on a blockchain experiment that will never see the light of (production) day.
Key take-aways: 1. The biggest challenge of a blockchain experiment is to uncover the underlying business model, not to get the demo to work.
2. Experiments that can proof an added value should be scrapped after completion to prevent „tech optimization“. In reality the real complexity starts after the demo works.
3. Only do this if you have a good gut feeling of what you want to achieve. This stuff isn’t easy, in fact it’s damn hard, will take up a lot of time and will keep you awake at night.