Should you move to blockchain? Follow a systematic approach to making your decision.
Many organizations are already leveraging the revolutionary blockchain technology to reduce cost, increase efficiency, speed execution and enhance security. Should you move to blockchain? Find helpful answers here.
Whenever a new technological innovation make its presence felt, industry leaders, technology evangelists, business fraternity and developers leave no stone unturned to assess and evaluate its applications to their problem domain and explore possible solutions. Blockchain is no exception.
Oftentimes we get so overwhelmed about a technological innovation that we tend to forget basics and jump to adopt the technology blindly—only to realize that our problem space was quite different from other implementers. This is, perhaps, because it is so easy to imagine high-level use cases. In the case of blockchain, millions of dollars have been spent researching the technology over the past few years, and numerous tests have been conducted to determine whether or not blockchain technology is appropriate in various scenarios. But you need to keep this in mind: Each problem is unique and needs thorough analysis by each solution seeker before you make the call as to whether or not blockchain solves your problem.
How blockchain formalizes and secures new digital relationships
The blockchain revolution is essentially poised to create the backbone of a layer of the internet for transactions and interactions of value (often called the Internet of Value as opposed to the Internet of Information, which includes the client-server, accounts and master copy databases used for over 20 years).
This diagram shows the salient features of blockchain technology, telling us what it has to offer and whether or not it suits your problem space as a solution.
Salient features of Blockchain, Source: https://www.bbntimes.com/images/Key-Features-of-Blockchain.png
Digging deeper to understand when and if blockchain is right for you
To sum up succinctly, blockchain is a distributed ledger technology (DLT) where non-trusting individuals transact with each other the peer-to-peer way with no intermediary in between. Blockchain is enabled by smart contracts with proof of transactions stored in a distributed database where each transaction is irreversible and immutable.
You can take steps to systematically understand how to determent whether or not a given problem/project can be solved or moved to blockchain. Follow the steps on this flow chart to help you make the right choice based on these parameters:
- Database and data
- Cost effectiveness
- Expensive central authority
- Smart enforcement
- Near real-time settlement
Read the entire article here, Should you move to blockchain? Follow a systematic approach to making your decision.
Via the fine folks at HP Enterprise.