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Unpacking BA Requirements for the Blockchain Industry

When the word blockchain is heard, cryptocurrency comes to mind next. Some need to realize that cryptocurrency is just digital money and other digital monies, such as stablecoins, exist.

What exactly does blockchain mean?

A blockchain is a shared or decentralized digital ledger of public, private, or hybrid transactions. It relies heavily on the flow of information and, in this case, the flow of transactions across many computers in a business network. This specifies that the blockchain wouldn’t have any core function without information or data. A blockchain network provides a shared, simple, single view of transactions, signifying that transparency is a strength and a win in this industry. Blockchain can potentially revolutionize how enterprises transact business and solve problems creatively.


What makes blockchain, blockchain?

The presence of a distributed ledger, which is the shared database in the network that stores the transactions; smart contracts, which are used to self-manage business contracts without the need for 3rd parties, which means they are triggered automatically when certain conditions are met; public key cryptography, which is used to identify the members in the business network; and permissions necessary to ensure that all transactions are secure, authenticated, and verifiable.


Is there a future for business analysis in this delicate but ever-evolving industry?

As business analysts, we have the strength to feature in any industry or organization and play an integral and delicate role in bridging the gap between the present and the future. Remember, business analysts need to understand that they exist to drive change while still understanding the capabilities and competencies of every shift (Read, Business Analysis, how and why I need to evolve).

Taking a deep dive into the future of business analysis in this industry, business analysts must have at least a basic understanding of how this industry works and the specific details related to the company in which they work. This will help you understand details that would help you identify the business needs and vision, understand the potential of this technology, and align it with the organization’s objectives—understanding how the industry works can be a solid requirement for benchmarking and market analysis in an event where this becomes necessary.


Secondly, the blockchain industry would thrive on the practical and right adoption and application of use cases, which is where business analysis comes in. This is necessary to identify specific use cases that highlight value to the enterprise or company and even the industry as a whole. Business analysts are crucial to determining the context in which blockchain helps attain value or change. Furthermore, this will be useful in communicating diverse use cases for blockchain technology to various audiences with differing levels of technology understanding and divergent business needs. This remains a critical gap; thus, there is a need to ensure and manage stakeholder collaboration, involvement, and engagement.




Thirdly, stakeholders, top management, process owners, and project sponsors need to understand and assess the potential value blockchain would bring, possibly a solution to an identified problem, and determine if it meets their standards. Value assessment could be performed using a SWOT analysis, feasibility studies, cost-benefit analysis, market mapping, decision analysis, modeling, etc. An analysis of possible weaknesses and challenges this technology is prone to is an essential task all business analysts must perform, some of which include security concerns, as there is a possibility that distributed ledgers and smart contracts could introduce security concerns, data access, and storage issues based on the decentralized/consensus mechanisms (proof of work), and the evolving regulatory landscape surrounding blockchain can significantly impact and influence business requirements. It is pertinent to note that regulatory requirements always prevail to avoid costs and penalties in requirement prioritization. For example, the Nigerian government initially placed a ban on cryptocurrency but lifted this ban in December 2023. In this situation, business analysts would need to assess the viability with due consideration of the unstable regulatory requirements.


Fourth, when translating business requirements, there is a need for business analysts to walk closely with the stakeholders, both internal and external, to critically understand the business requirements and correctly translate them to technical specifications through functional decomposition. Suppose the requirements are not adequately broken down into functional and non-functional requirements. In that case, being able to develop use cases might be a challenge, hence the need for a business analyst. However, it is essential to mention that the role of a business analyst extends beyond developing use cases; they also play a vital role in all the business analysis knowledge areas such as planning and monitoring, elicitation and collaboration, requirements life cycle management, requirements analysis, design definition, strategy analysis, and solution evaluation.



Business analysts working with blockchain must be adaptable and embrace continuous learning. There is a need to master new skills while adapting existing BA practices and their skills to this evolving technology. Armed with the knowledge that the future holds exciting possibilities for BA professionals who embrace the transformative potential of blockchain, business analysts need to take the necessary steps to ensure that they will be well-positioned to navigate this dynamic and transformative landscape.

Esther Folorunso

Esther Oluwabusayo Folorunso, MBA, CBAP Esther Oluwabusayo Folorunso is an experienced and certified business analyst currently working in the Higher Education Industry. She holds a Bachelors degree in Entrepreneurship/Business Management from the Federal University of Agriculture, Abeokuta, Nigeria and an MBA in Management Information Systems from Fort Hays State University, Kansas, USA. She presently serves on the Board of the IIBA Tampa Bay Florida Chapter and is a speaker on everything business analysis and Change. You can check her out on LinkedIn