Web3 is here, and you are stuck in Web 2.0? Wondering what blockchain stack you require for your business? Have you tried doing a blockchain requirement analysis yet? No?
Well, fret not; we’ve got you. In this blog post, we’ll go through what a blockchain requirement analysis is, why doing one is necessary, and some problems one may face while doing it.
If you’re here, you know Web3. Web3 is an iteration of the internet that’s all about decentralization, privacy, and trustless environments for peer-to-peer data transfers.
While some of you are aware of the pros of blockchain technology, you’re trying to integrate it into your business. And if you are struggling with the right blockchain technology infrastructure for your business, try doing a blockchain requirement analysis.
Blockchain Requirement Analysis: What Is It And Why Must You Do One?
“Requirement analysis’ is defined as “the process of determining user expectations for a new or modified product.”
So, if you’re wondering what blockchain technology analysis is, we’re here to answer your query. Additionally, we’ll also tell you why you must do it.
Firstly, a blockchain requirement analysis is simply a requirement analysis of what you need before integrating Web3 into your business. The checklist helps you define your goals and gain clarity while starting your Web3 journey.
Further, requirement analysis is beneficial in understanding what you need. Unfortunately, many give up on the dream of decentralization for their businesses due to a lack of clarity.
Secondly, the benefits of a blockchain requirement analysis may be short-term or long-term. Thus enabling you to focus on integrating Web3 systems into your technology stack right away while maintaining focus on your long-term goals.
Thirdly, an analysis brings clarity to what the company needs to achieve its goals. Clarity comes from asking the right questions and clearing away your doubts, which gives you a better view of the bigger picture.
Lastly, a requirement analysis can draw a timeline map for your future that reminds you of the next steps you need to follow in all domains of blockchain technology.
So, are you ready to do one yet? No? Well then, here we go, convincing you why doing a blockchain requirement analysis is essential.
Benefits of Doing A Blockchain Requirement Analysis
Well, #1 on the list should be time and money.
The two most precious resources you cannot afford to waste while taking care of an empire
Carrying out a blockchain requirement analysis will save you a lot of time and money so that you don’t waste your time searching for different Web3 stacks that may (or may not) benefit you (or your business).
Furthermore, you also need to realize that integrating Web3 requires specific hardware and may sometimes differ in the role it needs to play. Considering that you still need to analyze and identify how you want to integrate blockchain into your systems, a requirement analysis can help you save money by not letting you buy unnecessary hardware.
Well, apart from saving time and money, some other benefits of the blockchain requirement analysis are:
One gains clarity after a requirement analysis to understand what one needs and wants to achieve.
One may realize that they need a specific tech stack to carry out load testing. Or perhaps different hardware to upscale and increase infrastructure.
Gaining clarity in real-time goes a long way toward achieving your short- and long-term goals. It ensures you follow the mission and vision while adopting decentralization in your business
Speaking of goals, you can gain insights for the next few months, years, and maybe even a decade. You can understand your purpose in adopting Web3 systems while integrating them properly.
Defining goals for network security, decentralization, privacy, or even interoperability and usability can provide a timeline for you to work on each part of the domain while incorporating Web3.
Plan of Action
Timelines and a plan of action are crucial to bringing something to fruition. Well, Rome wasn’t built in a day, so let the good things take time and make your plan of action list.
Once you have clarity and have defined your goals, you can easily plan how to incorporate the blockchain tech stack into your systems. It’s okay to go slow and steady as long as you know where you are headed and how you plan to get there.
Progress on Adopting Web3
Some journeys can be lonely, and some can be long. This one could be a mix of both, and you wouldn’t want that.
Keeping a plan of action and not working on it is like labour saying, ‘I’m going to build a wall of bricks and cement,” but ending up doing nothing.
A blockchain requirement analysis can provide insights into the key stages of adopting the features of blockchain technology. This way, you can track your progress as you fulfil your dream of embracing Web3 in your digital stack.
Issues While Conducting A Blockchain Requirement Analysis
There are many issues one may face while doing this checklist. Well, you must beware and proceed to the checklist with caution (and some borrowed courage from this post).
In gratitude for what you’ve read so far, we’ll also provide tips on how to overcome the issues one may face while doing the analysis.
#1: Technical Nitty-Gritty
As mentioned earlier, blockchain can be complex and sometimes overwhelming to know, learn, and understand. This technology deals with computing protocols, cryptography, the distribution of information, trustless environments, consensuses, and many other components. At times, these components work together so intricately that one must pay close attention to realize how they work together and create a decentralized, open, and reliable blockchain habitat.
Overcome this! Although understanding the complexities can be difficult, one can find many guides, blogs, and videos to learn about the concepts.
#2: Understanding and Defining Goals
The blockchain serves many purposes, but it is not a one-stop solution for all the issues one faces.
Thus, identifying, understanding, and defining the goal leads to knowing what you want the blockchain tech stack to do for you. Is interoperability needed to ease the collaboration process? Is it a decentralized storage system for easy access to files? Identifying the goal would lead you to make decisions in the future.
Overcome this! List out the different features of blockchain technology. For each feature, write down a pro, a con, and how it might help your goal. The list of pros, cons, and benefits can be insightful in shaping your goal.
#3: Timeline Mapping
The project’s scope might be challenging and extensive when it involves blockchain technology. In addition to dealing with the numerous protocols found in and surrounding Web3, one must be able to effectively manage the project with clear requirements.
Creating a timeline for your next steps and mapping out your plan is a great way to identify what technology you require at each step.
Overcome this! Understand your next steps and map your timeline. Make sure you know and have the required assets to carry out the project efficiently.
#4: Regulatory Compliance
Blockchain runs on DAOs and governance that’s decentralized. A decentralized environment ensures a haven for information because data is immutable.
However, the mode of governance keeps changing as technology evolves with time. The blockchain must maintain security standards and decentralization. It must be able to operate in multiple jurisdictions without many challenges.
Overcome this! Learn how a DAO works and how governance in blockchain plays a role in maintaining the integrity of the blockchain. Also, beware of the multiple cyber laws and regulations that are constantly updated for users to comply with.
#5: Managing the project efficiently
After all of this, it’s crucial to maintain a robust team of developers, users, regulators, and engineers who understand the goals and the technical aspects of achieving the project goal.
Maintaining and managing the team must be efficient to ensure the progress of adopting Web3 goes well.
Overcome this! Maintain a timeline and a plan—for the short term and the long term—and make sure the team is aware of them. When the team is aware of the goals and deadlines, they can work together efficiently by addressing any issues they face.
So, if you’re trying to incorporate distributed ledger technology into your business, we welcome you to Web3.
And you may feel lost while trying to welcome Web3 into your normal stack, but that’s a great reason why you must do a blockchain requirement analysis.
Further, doing a blockchain requirement analysis provides clarity, helps you define your Web3 goals, helps you plan your requirements, and streamlines your project.
And if you aren’t sure how to carry out a blockchain requirement analysis, fret not and download our Blockchain Requirement Analysis Workbook.