Drawing a Blockchain Decision Tree
Some of the decisions you face while working on a blockchain project within your organization can be difficult and challenging. It pays to take time making decisions that involve
- Uncertainty: Many of the facts around blockchain technology may be unknown and untested.
- Complexity: Blockchains have many interrelated factors to consider.
- High-risk consequences: The impact of the decision may be significant to your organization.
- Alternatives: There may be alternative technologies and types of blockchains, each with its own set of uncertainties and consequences.
- Interpersonal issues: You need to understand how blockchain technology could affect different people within your organization.
A decision tree is a useful support tool that will help you uncover consequences, event outcomes, resource costs, and utility of developing a blockchain project.
You can draw decision trees on paper or use a computer application. Here are the steps to create one for uncovering other challenges around your project:
- Get a large sheet of paper.
The more choices there are, and the more complicated the decision, the bigger the sheet of paper you’ll need.
- Draw a square on the left side of the paper.
- Write a description of the core goal and criteria for your project in that square.
- Draw lines to the right of the square for each issue.
- Write a description of each issue along each line.
Assign a probability value to encounter each issue.
- Brainstorm solutions for each issue.
- Write a description of each solution along each line.
- Continue this process until you’ve explored each issue and discovered a possible solution for each.
Have teammates challenge and review all your issues and solutions before finalizing it.