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How do I develop a Blockchain API strategy? – Content:
- How do we create a digital ecosystem?
- Define Goals
- Define Customer Profile
- Identify Problem
- Determine Use Cases
- Blockchain API Business Model Canvas
How do we create a digital ecosystem?
What are the benefits of a digital ecosystem?
- More revenue
- Greater competitiveness
- Agility
- Adaptability to market changes
- More innovation
The basis for this is an API, which enable modern digital ecosystems. So, they reduce the problem of data silos by enabling you to create reusable workflows internally for your App and data. They also create better customer experiences and more effective partner relationships by enabling relevant data to be shared externally. In addition, APIs enable developers inside and outside your company to develop product and service innovations.
However, to build or enter a digital ecosystem with APIs, an API strategy must first be developed. Thus, the strategy should include at least the following five general steps.
Define Goals
First, it is important to understand exactly what you want to achieve with the API. These goals can include creating a new revenue channel, promoting leads, or eliminating IT bottlenecks. It is important that the API objectives are consistent with the business objectives. You should, therefore, be aware of what your company’s goals are and how the Blockchain API strategy can support those goals. Based on this insight, you can set the API goals.
It is advisable to start with small achievable goals. So, after you have achieved your goals, you can build on this success.
Define Customer Profile
The API extends your current business model and generates new values through a new channel. It is therefore important to understand who the user of the API might be. Which of my existing customers could I add value to with my API or even create a whole new potential customer field?
Identify Problem
Then it is important to find out which problem the API should solve. There are many APIs that look great and are well-designed, but they are not used. This is because they don’t solve a real problem. You should therefore ask yourself if your API solves a potential customer’s problem. The Value Position Canvas can help you with this decision.
Determine Use Cases
Basically, it’s best to start with a small, low-risk API project before releasing an API for the whole world. For this, you should define Use Cases based on the goals, problem, and potential customer profiles, and an execution plan so you can measure the success of the API project later.
Blockchain API Business Model Canvas
Then you can use the Blockchain API Business Model Canvas to develop your strategic direction. So, it is a template for strategic management to develop new business models. It is a visual diagram with elements describing the performance promise of your API product, API design, infrastructure, customers and finances. It is designed to help you align your activities by identifying potential trade-offs.
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