Who would often be considered a key stakeholder when implementing a blockchain for business

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Blockchain technology is rapidly gaining popularity among businesses due to its ability to increase transparency, security, and efficiency. As with any new technology, it’s essential to understand who the key stakeholders are when implementing blockchain for business. In this article, we will explore the various stakeholders involved in a blockchain implementation and their roles and responsibilities.

1. Business Leaders

Business leaders play a crucial role in the success of a blockchain implementation. They provide strategic direction, resources, and support to ensure that the project is successful. Business leaders must also have a clear understanding of the benefits of blockchain technology and how it can be used to improve business processes. For example, a retail company may use blockchain to track the origin of products and ensure their authenticity.

One example of a business leader who has successfully implemented blockchain is John Donahoe, CEO of eBay. In 2018, eBay announced that it had created a new cryptocurrency called “eBay Crypto” on the Ethereum blockchain. The company plans to use the cryptocurrency to facilitate faster and cheaper cross-border payments for its global customers. Donahoe stated that “We believe that blockchain technology is the future of commerce and we are excited to be at the forefront of this innovation.”

2. IT Department

The IT department plays a critical role in implementing blockchain technology. They are responsible for designing, building, and maintaining the blockchain infrastructure. The IT department must also ensure that the blockchain system is secure, scalable, and reliable. Additionally, they must be able to integrate the blockchain system with existing business processes and systems.

One example of an IT department successfully implementing blockchain is IBM’s Food Trust. IBM’s Food Trust is a blockchain-based network that enables food companies to share data about their products in real-time. The system was developed in collaboration with over 200 food companies and has been used to track the origin of food products, monitor food safety, and reduce food waste.

3. Legal Team

The legal team plays a crucial role in ensuring that the blockchain implementation complies with all relevant laws and regulations. They must also be able to advise the business leaders on any potential legal issues that may arise during the implementation process. Additionally, they must ensure that the blockchain system is transparent and auditable, which can help prevent fraud and other illegal activities.

One example of a legal team successfully implementing blockchain is the legal team at Chainyard. Chainyard is a blockchain platform that enables companies to create, manage, and share digital assets securely. The company’s legal team has advised several major corporations on how to implement blockchain technology in their businesses while complying with all relevant laws and regulations.

4. Operations Team

The operations team plays a critical role in ensuring that the blockchain implementation is integrated with existing business processes and systems. They must also be able to train employees on how to use the new blockchain system and ensure that it’s being used effectively. Additionally, they must be able to monitor the performance of the blockchain system and identify any potential issues that may arise.

One example of an operations team successfully implementing blockchain is the operations team at Maersk. Maersk is a global shipping company that has implemented a blockchain-based platform called TradeLens. The platform enables shippers, carriers, customs authorities, and others to share information about shipments in real-time. The operations team at Maersk was responsible for designing, building, and implementing the platform and training employees on how to use it effectively.

5. Customers

Customers are also important stakeholders in a blockchain implementation. They may benefit from increased transparency, security, and efficiency when using blockchain-based systems. Additionally, they may have expectations around how their data will be used and stored, which must be addressed by the business leaders and legal teams.

One example of customers benefiting from blockchain is the supply chain industry. Blockchain technology has been used to improve transparency and traceability in the supply chain, which can help reduce fraud and ensure that products are authentic. Additionally, blockchain-based systems can enable faster and more efficient payments, which can benefit both suppliers and buyers.

Case Study: IBM’s Food Trust

IBM’s Food Trust is an excellent example of how blockchain technology can be used to improve the food supply chain. The system was developed in collaboration with over 200 food companies and has been used to track the origin of food products, monitor food safety, and reduce food waste.

Prior to the implementation of Food Trust, there were several challenges in the food supply chain. For example, it could be difficult to trace the origin of a product or ensure that it was safe for consumption. Additionally, food waste was a significant issue, with estimates suggesting that up to one-third of all food produced is wasted each year.

Food Trust addresses these challenges by creating a blockchain-based network that enables food companies to share data about their products in real-time. The system uses sensors and other IoT devices to track the origin of products, monitor their condition, and ensure that they are safe for consumption. Additionally, Food Trust enables companies to track their supply chain activities, identify areas where waste is occurring, and take action to reduce waste.

The implementation of Food Trust has had a significant impact on the food industry. For example, it has enabled retailers to provide more transparency to their customers about the products they are selling. Additionally, it has helped food companies to reduce waste and improve efficiency in their supply chains.

Conclusion

In conclusion, when implementing blockchain technology for business, it’s essential to understand who the key stakeholders are and their roles and responsibilities. Business leaders provide strategic direction, resources, and support; IT departments design, build, and maintain the infrastructure; legal teams ensure compliance with laws and regulations; operations teams integrate the system with existing processes; and customers benefit from increased transparency, security, and efficiency.

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