How to know if your business needs blockchain?
Before you jump into the Blockchain bandwagon, it is important to know if your business truly needs a Blockchain solution or not. Here's are some simple questions you need to answer.
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One third of the C-level executives are considering to move their organization’s backbone to blockchain technology. This one statistic validates the entire idea of blockchain and it’s disruptive potential.
But knowing what blockchain is, what is not blockchain and understanding if your company really needs to solve its problem with blockchain is important. I’ve seen some customers come to us and say that they need to solve their business problem with blockchain. But they might really not need it, and we suggest to them an alternative solution with which they can solve the problem.
As a company, our job is to know the end-to-end use-cases and implementation of blockchain technology, and even when the customer is wrong, we have the ability to stand our ground and do what’s right for them. Ultimately, that’s the reason they pay us.
Let me help you understand some of the blindspots you might have while analyzing blockchain for your business.
What business problem are you really trying to solve with blockchain?
Though blockchain is a disruptive technology, when deployed in the wrong place at the wrong time, it might not be the best solution that you might have been wanting for your business. It could be, let’s say, ‘disruptive’.
Knowing the exact business problem you are trying to solve is super essential. Unless and until you are able to define your mega problem in just a single powerful line, you might not be 100% sure about the problem.
Is this the right time for you to implement blockchain?
New technologies are super exciting. They are like blackholes. Their gravitational pull is so much that you might be trying to find a problem (worst, invent one) to implement a new technology.
Talking to a consultant, who knows what blockchain is all about, and what is it not, will help you stay out of the blackhole. You might be at a point in your journey where your business is wealthy enough to go in for a big investment on blockchain technology. But that might not be the right time for you to implement blockchain.
Are you assuming Bitcoin and Blockchain are the same?
Many people today who get to know about blockchain are coming from Bitcoin’s success wave. But assuming that Bitcoin and Blockchain are the same is one hundred percent wrong.
As I mentioned earlier, Bitcoin is an implementation on top of Blockchain technology. You need to know the difference between a non-permissioned blockchain and a permissioned blockchain.
Do you understand that Blockchain is not a one-stop solution?
If you are assuming that implementing blockchain for your business is going to solve most of the problem in your problem chain, you might be wrong. Blockchain has its own limitations.
You need to talk to someone who can help you analyze the needs for blockchain in your business, tell you what is changing after you implement blockchain and give you a proper estimated cost of building your blockchain solution for your enterprise.