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Identifying the main problem you hope bitcoin will help to solve is the first step towards a successful blockchain development. The problem most people faced at this stage is generalizing. For instance, as a financial institution, if you say you need a blockchain to improve your transaction, that is a generalization. You will need to declare what transaction, maybe for your customers who usually receive money from other countries or those who transact in the shipping industry.

You have to be meticulous here because any mistake during the configuration of a blockchain application may be impossible to be corrected. It is important to get an expert to handle this stage of your blockchain development if there is none on your. Some of the major components that you may need to incorporated include asset allocation, reallocation strategy, consensus model, address formats and signatures.

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