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I just got a became a wage slave again and i’m selling infinity banking , which is how to live a tax free lifestyle and you become a banker and get 4-10% interest on cars , houses or anything you bought rather than paying the banker.
Is there a specific blockchain that does just insurance? i was leaning towards adex or should i just stick with ethereum or cardano? as smart contracts will be required.
Not that I’m aware of. Probably eth, eos or hyperledger.
I am almost 64 years old and planning to retire next year when I am 65. I’m taking this business course, because I am invested in cryptocurriences and am really interested in cryptocurrency and blockchain tech, history and future.
As far as selling this concept to businesses. I think it is a hard sell, because it is still difficult to justify the benefit to transition from standard practices into permissioned and permissionless blockchains for most current businesses. For one thing, the transaction speed is still too slow and the amount of information that can be kept on the blockchain is still limited. These two problems, that of transaction speed and scaling to large time use, need to be solved and implemented before wide scale use of blockchains will happen. In the meantime, we do need to start selling to those business cases where it truly makes sense to use a blockchain solution.
I think crypto currencies are definitely a good use case for blockchains. Any business where financial assets are moved around the world is ready for crypto as soon as the transaction speed and scaling is ready. I think some of the examples, like the shipping insurance business makes sense. I think land title and real estate title insurance and escrow is ripe for the transition into blockchain.
The important thing is to be really honest in the evaluation of converting a normal business into a blockchain business. The benefit has to be very clear, at least on paper, and then tested in the real world with real blockchains to test whether the blockchain solution is really better. Obviously, we need to get started and build up cases that really work. So, start with use cases that really make sense and are able to function well with the current state of blockchain tech. If these early cases are successful it will be a lot easier to promote block chain for more and more businesses.
Hi Ivan (or anybody who knows),
I just heard the course overview (doing the developer as well and can’t go fast), however looking at the subjects I have a questions.
Are we able to create a Business Case and calculate ROI of going to blockchain?
Selling it requires always the dwelling on this topic.
Thanks for letting me know
Thank you for your question. Unfortunately I can’t teach you how to develop a successfull business case for blockchain, some companies succeed and most do not. The same is true for ROI if we are talking about money and investments. I wish I had a magic formula to determine ROI before I start working, but that’s not the case. We will be studying the real benefits of using blockchain, which can be considered the returns, as well as the drawbacks.
Either way, you will definitely be equipped with the right knowledge in order to develop a business case and to take it from idea to reality and avoid some of the common mistakes that people make. I hope to see you in the course.
I think for the corporate world you could calculate the ROI in the standard way, I mean, a blockchain project could be seen like a tech improvement project.
You need to estimate what will be the cost of going to blockchain and then determine what are you looking for with your project between cost reduction (ex. savings in infraestructure) or increase benefits (ex. minimice time to market, increase client base).
Then your ROI formula could be something like this:
For cost reduction: ROI = change in the cost of operations / project costs
For increase benefits: ROI = variation of income / project costs
Like Filip said, it could be difficult to determine the benefits, but the reality is that most companies do not calculate the ROI for all their projects, instead they follow the line of tech evolution just to be in the wave!!
Hope this could help to start.
Thank you for sharing your thoughts. Great points.
I have a similar perspective. At 49, I’m one of those wipper-snappers that is always looking to shake things up. I’m a Developer / Product Manger in my company and we have a small number of devs that collaborate about blockchain in a private slack channel. I decided to write a proof of concept smart contract that would effectively handled a difficult problem in our space. Unfortunately for me, I did it on an Ethereum based coin (called Pirl). For all intents and purposes, it’s an Ethereum contract.
I couldn’t believe how primitive the data structures are. And how difficult and slow it was. I think I managed to convince everyone in there that blockchain is a disaster (ha). But that’s because my discussion revolved around Ethereum. I’m going to have to do a little damage control in my slack channel at work.
This course has been an eye opening experience, because I’m quite sure Hyper Ledger would do the job just fine and have all of the things that a private business is looking for. I did the project in Hyper Ledger, I’m quite sure it would have gotten some traction.
I have high hopes for Ethereum and many of the other crypto’s out there (Stellar, Pirl, EOS) . . . but if there’s anything I learned, it’s going to be a long road before they are ready for prime time.
Great to hear Michael, good luck!
In this video you mentioned permission management as one of 5 reasons you stated for blockchain. I can think of very clear explanations for the other 4. As far as permission management I am not sure what you mean other then that no one can delete or update data. Of course there is different user roles like any other database structure. Am missing something?
Yeah I understand you question. It’s a good point. Permission management is a critical part of a distributed database system, especially if you don’t trust every single entity in the network. I think it’s an important part of every distributed system and something you can discuss with your client. I should maybe have been more clear on that.
Thanks appreciate the feedback.
Great lecture on Sales! Question: after Education, you move into Research/Report. Do you charge your clients for research and report? If so, what is the industry rate (if any)? This report could be some sort of in-depth feasibility and use case study for clients that is tailored for their business, which sounds reasonable to charge them a consultancy fee for services rendered? Or would that backfire as it’s too early in sales funnel yet?
Btw I’m planning to start a blockchain consulting business that facilitates blockchain adoption. Super early stage for SME atm but Australian big banks, PWC etc already have in-house blockchain teams and projects. Hope SME will catch on this soon!
Yes, we do. And you are completely correct.
We always tell our customers that it is incredibly important to do thorough research before starting to implement a blockchain solution, which of course is true. We wouldn’t want our customers to spend millions on developing a new system if it’s not a good solution for their problems. So in those reports we dig deep into the problem, look at competitors and either suggest potential ways to solve it or conclude that blockchain wouldn’t be a good solution. We always stay honest when we recommend solutions.
It could of course backfire, as some don’t think that it’s good to spend money on a research report. They just want to start building. But if it’s a serious long term customer, they would want to do it properly.
Fantastic to hear that you are starting your own business. I wish you best of luck!
Love to chat again sometime in future when I have a business model figured out.