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Develop a Use Case for Smart Contracts

Use smart contracts to simplify and automate business processes, leading to exceptional customer experiences and new business models.

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Contributors

  • Pamela Bautista
  • Ceit Butler
  • Priyanka Desai
  • Amy ter Haar
  • Andrei Jagodin
  • Richard Kim
  • Bridie Ohlsson
  • Alessandro Sanino
  • Nelia Texeira
  • Amir Hossein Zolfaghari

Your Challenge

  • Organizations today continue to use traditional and often archaic methods of manual processing with physical paper documents.
  • These error-prone methods introduce cumbersome administrative work, causing businesses to struggle with payments and contract disputes.
  • The increasing scale and complexity of business processes has led to many third parties, middlemen, and paper hand-offs.
  • Companies remain bogged down by expensive and inefficient processes while losing sight of their ultimate stakeholder: the customer. A failure to focus on the customer is a failure to do business.

Our Advice

Critical Insight

  • Simplify, automate, secure. Smart contracts enable businesses to simplify, automate, and secure traditionally complex transactions.
  • Focus on the customer. Smart contracts provide a frictionless experience for customers by removing unnecessary middlemen and increasing the speed of transactions.
  • New business models. Smart contracts enable the redesign of your organization and business-to-business relationships and transactions.

Impact and Result

  • Simplify and optimize your business processes by using Info-Tech’s methodology to select processes with inefficient transactions, unnecessary middlemen, and excessive manual paperwork.
  • Use Info-Tech’s template to generate a smart contract use case customized for your business.
  • Customize Info-Tech’s stakeholder presentation template to articulate the goals and benefits of the project and get buy-in from business executives.

Research & Tools

Start here – read the Executive Brief

Read our concise Executive Brief to find out why you should leverage smart contracts in your business, review Info-Tech’s methodology, and understand the four ways we can support you in completing this project.

1. Understand smart contracts

Understand the fundamental concepts of smart contract technology and get buy-in from stakeholders.

2. Develop a smart contract use case

Select a business process, create a smart contract logic diagram, and complete a smart contract use-case deliverable.

Guided Implementations

This guided implementation is a five call advisory process.

Guided Implementation #1 - Understand smart contracts

Call #1 - Walk through smart contract concepts.
Call #2 - Assist in building the executive buy-in presentation.

Guided Implementation #2 - Develop a smart contract

Call #1 - Explore business processes suitable for smart contracts.
Call #2 - Walk through the steps in the identification and documentation of transactions in your selected business process.
Call #3 - Complete your smart contract use-case deliverable.

Onsite Workshop

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Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.

Module 1: Understand Smart Contracts

The Purpose

  • Review blockchain basics.
  • Understand the fundamental concepts of smart contracts.
  • Develop smart contract use-case executive buy-in presentation.

Key Benefits Achieved

  • Understanding of blockchain basics.
  • Understanding the fundamentals of smart contracts.
  • Development of an executive buy-in presentation.

Activities

Outputs

1.1

Review blockchain basics.

1.2

Understand smart contract fundamentals.

1.3

Identify business challenges and smart contract benefits.

1.4

Create executive buy-in presentation.

  • Executive buy-in presentation

Module 2: Smart Contract Logic Diagram

The Purpose

  • Brainstorm and select a business process to develop a smart contract use case around.
  • Generate a smart contract logic diagram.

Key Benefits Achieved

  • Selected a business process.
  • Developed a smart contract logic diagram for the selected business process.

Activities

Outputs

2.1

Brainstorm candidate business processes.

2.2

Select a business process.

2.3

Identify phases, actors, events, and transactions.

2.4

Create the smart contract logic diagram.

  • Smart contract logic diagram

Module 3: Smart Contract Use Case

The Purpose

  • Develop smart contract use-case diagrams for each business process phase.
  • Complete a smart contract use-case deliverable.

Key Benefits Achieved

  • Smart contract use-case diagrams.
  • Smart contract use-case deliverable.

Activities

Outputs

3.1

Build smart contract use-case diagrams for each phase of the business process.

3.2

Create a smart contract use-case summary diagram.

3.3

Complete smart contract use-case deliverable.

  • Smart contract use case

Module 4: Next Steps and Action Plan

The Purpose

  • Review workshop week and lessons learned.
  • Develop an action plan to follow through with next steps for the project.

Key Benefits Achieved

  • Reviewed workshop week with common understanding of lessons learned.
  • Completed an action plan for the project.

Activities

Outputs

4.1

Review workshop deliverables.

4.2

Create action plan.

  • Smart contract action plan

Search Code: 90981
Published: January 31, 2020
Last Revised: January 31, 2020

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