For the blockchain defenders, there are challenges; for instance, its development has been accompanied by various levels of promotions and many analysts point out that it’s not certified.
Certainly, it’s true that this technology would not provide a solution for each and every business problem. It requires initial research, because it’s a complex technology, and knowing how to integrate it with the existing technology stacks and processes.
To take advantage of the technology, companies need to understand which business problem they want to resolve and how they can use this technology to sort out the issue.
If companies focus on specific use cases that pertain to them and their market position, they can determine whether they should invest in the technology or not, However, companies do need to understand very precisely what problem they are looking to solve and whether blockchain is in fact the correct vehicle to get it done.
- Do you want to figure out a business issue, rather than an integration issue? Mistakenly, blockchain is seen as an integration technology, but that’s not its core potential. If integration is your target, it is better to implement an API, web service, or Enterprise Service Bus (ESB).
- Do business processes need inherent irreversibility? This is the foundational property of blockchain, so determine whether the feature would help you to achieve the objective or would inhibit it.
- Do you want to transact value objects from one entity to another? Analyze whether immutability would benefit your business. Also, does your business need consensus? If yes, then you can get the advantage by using blockchain.
- For business purposes, do you need to transfer information among organizations? To manage trust across different levels of organizations you can deploy blockchain. It can simplify the business process among the upstream and downstream partners.
- Rather than targeting a few parties, do you want to stick to an ecosystem? Examine whether the issue you want to resolve significantly has two shareholders. Integration is the best way to target a handful of parties. Blockchain is the right option to target a particular ecosystem.
- Do you have the right strategy to adopt and get engaged with partners? Without the collaborated adoption of blockchain, the impact of your business would be limited.
Research shows that 22% of IT leaders have identified blockchain applications for their organizations and are actively working on the blockchain project. Those who have already mapped the abilities of blockchain to enhance their businesses are not wasting further time.
Blockchain can drive profound change across a range of industries and sectors, reimagining the way we do so many things, right now, for example, the technology is poised to disrupt how we manage health records, fight voter fraud, and distribute welfare, to name just a few areas. The possibilities are endless.