Basis: Concept for a blockchain start at banks and other financial institutions

By Kirill Timofeev

Kirill Timofeev, Software Project Manager at DataArt, presents five fundamental layers of a successful blockchain project in it-finanzmagazin, the leading German publication covering technologies in the financial sector.

“The market for distributed ledger technologies grows exponentially over time. More and more large clients are looking at using distributed ledger technologies to change and eventually substitute existing business processes with enhanced alternatives… If there is to be a blockchain movement, many barriers such as technological, governance and organisational will have to fall. I came up with a concept of blockchain hierarchy of needs, which is a generic concept that illustrates a minimal viable ecosystem to make a successful blockchain project.

Start small, but do start, not doing blockchain is not an option. Choose a point problem and do MVPs, do not attempt to plan a large scale transformation though, blockchain technology is still very young and will change over time. When you have promising results, build a production-grade solutions on top of those MVPs.”

Original article can be found here