How do you show the success of your blockchain and distributed ledger technology projects?

1 Define your objectives

The first step is to clarify what you want to achieve with your blockchain or DLT project, and how it aligns with your overall vision, mission and strategy. You should define your objectives in terms of specific, measurable, achievable, relevant and time-bound (SMART) criteria, and make sure they are aligned with the expectations and needs of your stakeholders, such as customers, partners, regulators, investors, etc. Your objectives should also reflect the unique features and advantages of blockchain and DLT, such as transparency, security, decentralization, efficiency, etc.

2 Choose your indicators

The next step is to choose the indicators that will help you measure and monitor your progress towards your objectives. Indicators are quantitative or qualitative measures that provide evidence of performance, results, outcomes or impact. It is important to select indicators that are relevant, reliable, valid, feasible and comparable, and that cover different aspects of your blockchain or DLT project, such as technical, operational, financial, social, environmental, etc. For instance, some common indicators for blockchain and DLT projects include the number of transactions, users, nodes and blocks; speed, latency, throughput and scalability; cost, revenue and profitability; quality, accuracy and integrity; compliance and security; user satisfaction and engagement; and social impact.

3 Collect your data

The third step is to collect the data that will feed your indicators and provide evidence of your success. You should use reliable and valid sources and methods of data collection, such as blockchain or DLT platforms, analytics tools, surveys, interviews, focus groups, etc. You should also ensure that your data is accurate, complete, consistent, timely and secure, and that you comply with any ethical and legal requirements, such as consent, confidentiality, data protection, etc. You should also document your data collection process and procedures, and store your data in an accessible and organized way.

4 Analyze your data

The fourth step is to analyze your data and generate insights and conclusions that will inform your decision making and communication. You should use appropriate and robust methods and tools of data analysis, such as descriptive statistics, inferential statistics, data visualization, data mining, machine learning, etc. You should also interpret your data in a clear and meaningful way, and identify any patterns, trends, correlations, causations, anomalies, gaps, challenges, opportunities, etc. You should also compare your data with your objectives, benchmarks, standards, best practices, etc., and evaluate your performance, results, outcomes and impact.

5 Communicate your success

The fifth step is to communicate your success and share your insights and conclusions with your stakeholders and audiences. You should use effective and engaging methods and channels of communication, such as reports, dashboards, presentations, videos, podcasts, blogs, social media, etc. You should also tailor your communication to the needs, interests and preferences of your stakeholders and audiences, and use clear, concise and compelling language, visuals and stories. You should also highlight the value and benefits of your blockchain or DLT project, and showcase the unique features and advantages of blockchain and DLT.

6 Review and improve

The final step is to review and improve your blockchain or DLT project and your success measurement and communication process. You should solicit and collect feedback from your stakeholders and audiences, and use it to assess the strengths, weaknesses, opportunities and threats of your project and process. You should also identify and implement any actions, changes, improvements or innovations that will enhance your project and process, and increase your success. You should also monitor and update your objectives, indicators, data, analysis and communication as your project and context evolve.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?