Blockchains are distributed ledgers that record transactions across multiple computers. This makes transactions transparent and tamper-proof. BAs must understand blockchain fundamentals like decentralisation, smart contracts, and consensus mechanisms to assess its influence on business processes.
Intermediaries like banks and regulatory organisations have traditionally established commercial transactions. Blockchain's decentralisation and immutable nature has slowly built confidence over the past decade to the point where large banking and fintech institutions are adopting blockchain technology such as Ripple's XRP for faster payments. This shifts the focus of business analysis from designing processes to leveraging the inherent confidence of blockchain.
Smart contracts, which execute terms explicitly typed into code, can challenge existing business models on blockchain. For BAs, this means reimagining processes and systems. In the near future, BAs might be tasked with specifying smart contract requirements or analysing the implications of adopting a decentralized business model.
Blockchain enhances security but isn't perfect. BAs must evaluate vulnerabilities, especially when blockchains interact with other systems. This could involve analysing cyber-attacks or securing off-chain data for smart contracts are reliable and secure.
As governments and organisations struggle with the rise of blockchain, regulations are changing. BAs should monitor these changes and assess their effects on organisations, particularly those in heavily regulated industries like finance and healthcare.
Blockchain's revolutionary nature means there's a steep learning curve for many stakeholders. BAs will need to help technical teams and business stakeholders understand blockchain initiatives' merits, drawbacks, and ramifications.
To navigate the blockchain-driven landscape, BAs might need to acquire new skills or deepen existing ones. This could require learning blockchain technology, industry standards, or appropriate programming languages.
Blockchain presents a transformative force, reshaping how businesses operate and transact. It presents Business Analysts with problems and opportunities. BAs can lead organisations towards a decentralised, transparent, and trust-driven future by understanding blockchain, staying updated on evolving regulations, and continuously upskilling.
