Blockchain: A Hype or a Hoax? fills a gap in the book market to provide material that is not only technical but also caters to business readers. This book was written to keep in mind various stakeholders and the current gap in blockchain education as well as use case implementation.
This book reviews blockchain technology, discusses why proof of concept fails, offers examples of use cases that have been successful and that have failed and articulates a framework that should be used before deciding whether blockchain is the right technology for transformation. It uses strategic models and frameworks to assist organisations to see a fit score for their specific use cases.
This book provides guidance on how to create a blockchain strategy and a business case to pitch for the budget. It also includes a case study to apply the knowledge on practical use cases for blockchain and a technical overview of most of the blockchain use cases in the market including crypto, non-fungible tokens, decentralised finance, and decentralised autonomous organisations, as well as financial and non-financial industry use cases.
This book also provides a detailed overview of most of the mainstream blockchain products currently available in the market. It also offers guidance on how readers can best educate themselves on blockchain technology that is available through commercial and free resources.
It concludes with a clear direction on selecting blockchain to solve real-life use cases that are best fit. A financial and non-financial value-adding framework is discussed throughout this book to assist business leaders, programme managers, product managers and information technology leaders to make strategic choices, and business cases and develop strategies for digital transformation through the use of blockchain.
The distinctive feature of this book is the critical analysis of blockchain from a technology and business perspective. This is the first book to focus on business, technology and blockchain selection framework. The most unique feature of this book would be to apply Michael Porter’s competitive advantage strategy theory on blockchain use cases and their impact on companies.
This book is aimed at technology students, technology professionals, blockchain and fintech consultant and business leaders. It will also be useful for readers who are building a business case to adopt blockchain into an organisation or are seeking to grow their knowledge of blockchain and improve their fintech strategy.
Author(s): Kapil Sharma
Publisher: CRC Press
Year: 2023
Language: English
Pages: 280
City: Boca Raton
Cover
Half Title
Title Page
Copyright Page
Dedication
Table of Contents
Acknowledgements
Author
1 Blockchain: Is it a Hype or a Hoax?
Blockchain Invention
What is Blockchain?
Blockchain Objectives
Blockchain Benefits and Limitations
Crypto (Bitcoin) Evolution
Who Created Bitcoin?
Features of Bitcoin
Cryptocurrency Overview
Key Layers of the Cryptocurrency (CC) Ecosystem
Ethereum Overview
Ethereum Smart Contract Overview
Alternative Currencies Overview
Overview of ICO
How does Blockchain Work?
Blockchain Technology Summary
Types of Blockchain (Public/Private/Consortium/Hybrid)
Consensus Algorithm
Blockchain Consensus Algorithms
DeFi (Decentralised Finance) Overview
Most Popular Types of DeFi Applications
Examples of DeFi Projects
Use cases of DeFi
Asset Management
Compliance and Know Your Transactions (KYTs)
DAOs
Data and Analytics
Derivatives
DEXs
Gaming
Insurance
Lending and Borrowing
Marketplaces
Payments
Prediction Markets
Savings
Stablecoins
Synthetic Assets
Tokenisation
Trading
Digital Identity
Crowdfunding
How to get Involved in DeFi?
Why Invest Time in dApps?
How to Develop dApps and Launch them onto the Ethereum Network?
How to get Started with DeFi?
Try DeFi Applications in Real Time
NFT Overview
What is an NFT?
How do NFTs Work?
Current Examples of NFTs
Platforms to get Involved in NFTs
CDBC Revolution
Potential Benefits and Challenges Related to CBDC Implementation
Summary
2 Blockchain Products
Blockchain Products in the Market
Blockchain Product Comparison
Cryptocurrency
Smart Contract
Dynamic Registry
Static Registry
Payment Infrastructure
Identity
DeFi and NFTs
Others
Comparison of top Six Platforms
Deep Dive into Successful Products
Bitcoin
Use Cases
Ethereum
Use Cases
Hyperledger
Consensys Quorum
Use Cases
R3 Corda
Use Cases
Ripple
Use Cases
3 Blockchain: Is it Hype?
Blockchain Footprint in Multiple Sectors
Financial Services Sector
Capital Markets
Overview
Blockchain Footprint
Use Cases
Trade Finance
Overview
Blockchain Footprint
Insurance
Blockchain Footprint
Supply Chain
Blockchain Footprint
Digital Identity
Blockchain Footprint
Agriculture
Blockchain Footprint
Telecommunications
Blockchain Footprint
Healthcare
Blockchain Footprint
Healthcare Data or EHR
Monetising Patient Data
Genomic Data
Healthcare Cryptocurrency
Provenance and Medical Histories
Energy
Blockchain Footprint
Govtech
Blockchain Footprint
Central Bank Digital Currency (CBDC)
Real Estate
Blockchain Footprint
Education
Use Cases
Digital Assets
Blockchain Footprint
Market value Positioning based on Blockchain Adoption
Blockchain Disruption
Financial Benefits
Non-Financial Benefits
Sector-Specific Benefits
Barriers to Blockchain Adoption
Blockchain Adoption to Solve Critical and Complex Business Problems
Business Problems
Business Problem #1
Business Problem #2
Business Problem #3
Summary
4 Blockchain: Is it a Hoax?
Insights on Cryptocurrencies
Leverage
Stablecoins
Market Sentiment
Crypto Fraud
Insights on ICOs
Successful ICOs
Unsuccessful ICOs Including Scams and Fraud
Dead Coins
Avoid ICO Fraud and Investment
Disappearing with the Investors’ Money
Educational and Capability Gap in Blockchain Technology
Education Gap
University Courses on Blockchain
Training Courses from Private Institutes
Online and offline Resources by Universities
Government Support
Capability Gap in Business
Partnership with Universities to Influence the Syllabus
Employee Training Programme
Employee Experience
Resource Capacity to Support
Process Gaps
Business Knowledge Gap
Use of Blockchain for Wrong Business Problems
Key Issues Surrounding Blockchain Project Failures
Summary
5 Blockchain Framework: A Model to Assess the Blockchain for Business use Case
Business Problems
Questionnaire to Assess Maturity of the Business Process
Assess the Gaps and Recommendations
Reference: A – Regulations
Reference: B – Collaboration
Reference: C – Technology
Reference: D – Operating model
Reference: E – Education
Framework to Assess Blockchain use Case
Blockchain technology usage – Decision Tree
List of Questions
Type of Blockchain – Selection Decision Tree
List of Questions
Type of Consensus – Consensus type Decision Tree
List of Questions
Use of Smart Contract – Smart Contract Decision Tree
List of Questions
Conclusion with Blockchain fit Score
6 Blockchain Strategies
Overview
Levels of Strategies
Corporate Strategy
Business Strategy
Functional Strategy
Types of Strategies
Michael Porter’s Generic Strategy
Generic Strategy
Cost Leadership Strategy
Differentiation Strategy
Focus Strategy
Selection of the Strategy
Strategic Models
Michael Porter’s Five Forces Strategy Model
Porter’s Five Forces
Summary
PEST: Political, Economic, Social and Technological Analysis
Overview
What are the Areas Assessed by PEST Model?
What are the Additional Areas Assessed by PESTLE Model?
Application of PESTLE Model to Assess Blockchain use Case
SWOT: Strengths, Weaknesses, Opportunities and Threats
Overview
Areas Assessed by SWOT
Application of SWOT on a Company’s Blockchain use Case
Blockchain Strategy Formulation
Set up Vision and Mission
Understand the External Environment and our Position
Understand the Internal Environment and our Position
Articulate Long-Term Objectives and Goals
Strategy Execution
Strategy Planning
Communication of the Objectives and Goals
Create Strategic and Transformational Programmes Aligned to the Strategic Plan
Define the Operating Model
Program and Milestone Governance
Realignment of Human Resources to Strategic Programmes
Capability Uplift
Establish Centre of Excellence
Requirements for CoE
Steps to Establish CoE
Benefits of CoE
Evaluation of Strategy Execution
Steps for Strategy Execution Evaluation
Assess the Blockchain Strategy
Use of the Strategic Model to Assess the Blockchain Business Value
Blockchain Sandbox
Conclusion
7 Blockchain Business Cases: A Framework to Produce a Business case for Blockchain
Features and Elements of a good Blockchain Business Case
Problem Statement
Stakeholders
Alignment to Strategy
Approach
Financial Acumen
Business Benefits
Risks
Leadership
Options
Timelines
Governance
Framework to Draft a Blockchain Business Case
Framework Template
Approval Process of the Blockchain Business Case
Execution of a Blockchain Business Case
Steps
Recommendations
Conclusion
8 Blockchain case Study: Apply Concepts on Practical use Case
Case study 1: Create a Platform for a Digital art Marketplace
Background
Strategy Execution Phases
Problem Statement
IOSpeed Potential Strategic Outcomes
Strategic Outcomes
Organisation Analysis for Strategy Formulation
Organisation Analysis
SWOT: Strengths, Weaknesses, Opportunities, and Threats
Overview
Areas Assessed by SWOT on IOSpeed
Strategy Formulation
Setup Vision and Mission for IOSpeed
Understand the External Environment and our Position
Understand the Internal Environment and our Position
Articulate Long-Term Objectives and Goals
Prospective Solutions
Advantages of the Third-Party NFT Platform
Disadvantages of the Third-Party NFT Platform
Recommendations
Architecture Diagram
Advantages of the IOSpeed-owned NFT Platform
Disadvantages of the IOSpeed-owned NFT Platform
Recommendations
Architecture Diagram
Solution Selection
Strategy Sign-off
Strategy Execution
Strategy Planning
Communication of the Objectives and Goals
Create Strategic and Transformational Programmes Aligned to the Strategic Plan
Realignment of Human Resources to Strategic Programmes
Capability Uplift
Establish Centre of Excellence (COE)
Programme and Milestone Governance
Define the Operating Model
Evaluation of Strategy Execution
Lessons Learnt
Summary
9 Conclusion
Is Blockchain a Hype or a Hoax?
Why Blockchain is not a Hoax?
Why Blockchain is not a Hype?
Best Practices to Adopt Blockchain and Gain a Competitive Advantage
Summary
References
Index
