Determining Your Blockchain Needs - dummies

Determining Your Blockchain Needs

By Tiana Laurence

Blockchains come in a lot of flavors. You’ll find one that matches your needs — the trick is finding it! Mapping your needs to the best blockchain can be overwhelming. Try utilizing a weighted decision matrix.

A weighted decision matrix is an excellent tool for evaluating the needs of a project and then mapping those needs to possible solutions. The key advantage of the matrix is to help you quantify and prioritize individual needs for your project and simplify decision making. Weighted decision matrixes also prevent you from becoming overwhelmed by individual criteria. If done properly, this tool allows you to converge on single idea that is compatible with all your goals.

To create a weighted decision matrix, follow these steps:

  1. Brainstorm the key criteria or goals that your team needs to meet.

    If you aren’t sure of the criteria you need to consider when evaluating your blockchain project, here are a few things to keep in mind:

    • Scale and volume
    • Speed and latency
    • Security and immutability
    • Storage capacity and structural needs
      Your team will have its own list of objects and priorities. These are just a few to consider while evaluating the correct platform to use to meet your needs.
  2. Reduce the list of criteria to no more than ten items.

    If you’re having a hard time refining your list of needs, consider using a comparison matrix tool.

  3. Create a table in Microsoft Excel or a similar program.
  4. Enter the design criteria in the first column.
  5. Assign a relative weight to each criterion based on how important that objective is to the success of the project.
    Limit the number of points to 10 and distribute them between all your criteria — for example, 1 = low, 2 = medium, and 3 = high priority.

    If you’re working in a team, have each member weight the criteria separately.

  6. Add up the numbers for each objective and divide by the number of team members for a composite team weight.
  7. Make any needed adjustment to weights to make sure each criteria are weighted correctly.

Congratulations! You now have a ranked list of criteria you need to meet to be successful with your blockchain project.