Why architecture matters!

fintech courses

By FINTECH Books Contributor, Jiri Kram

You hear from all sides stories about new amazing projects on blockchain that will solve – whatever it is to be solved. All these activities has one thing in common. Usually it’s just a lot marketing fluff! Root cause is people’s perception what is Blockchain.

Many misunderstandings on that front are in terms of pre-qualification who can build it. Standard blockchain story goes like this: A bank decides to “innovate”, they appoint a “director of innovation” usually manager of director with very little knowledge of technology or senior developer with very little knowledge of management.

They will be having long meetings and then they either hire Accenture then sit and wait until all its is done. Usually the only thing they will see will be hefty invoices. So they decide do it in house. Which means bunch of developers download Ethereum and start writing code. Banks buying department will love – it’s open source and it’s free!

All looks good developers tinkering around and in few weeks – “hey here is our blockchain, robo-advisor or whatever else”. Unfortunately they usually forget small thing – Mr. Customer or Mr. User (in case of external system). So when they start to push it towards deploying to production – they will get one big NO! Why? They forget Ethereum is based on JavaScript and is not 100% aligned with bank security policy for backend system.

Now what? Managers try to “push” it but as fear from hacks is more mainstream news they will get another big no. Developers endlessly rewriting code and killing user experience and reducing use cases. Meanwhile any system integrator that smells money will be circling around and offer “own blockchain” which usually translates sell as many own developers as possible. What went wrong here?

They forget invite an architect!