Blockchain In Your Company

Do You Need Blockchain In Your Company?

Last updated on April 7th, 2024 at 12:04 pm

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The idea that everything must be decentralized is wrong. Some organizations work perfectly with their centralized systems and, for which, implementing blockchain would be a waste of time and money.

The blockchain is receiving a lot of attention for its ability to modify businesses and industrial processes radically. Therefore, more and more people are trying to learn about this innovative technology and incorporate it into their activities.

A survey conducted by Juniper Research in August 2017 revealed that 57% of companies surveyed with more than 20,000 employees were exploring to implement blockchain in their processes. While only 9% rejected the option, the remaining 34% said they didn’t know it yet.

Also, 76% of the employees surveyed said that blockchain could be “very useful” or “quite useful” for their company.

However, it is essential to consider that blockchain is an emerging technology and, as such, entails quite high economic and opportunity costs. Remember also that, although blockchains have some significant use cases, most are in the experimental or theoretical phase.

Also, your applications should have a reasonably clear purpose. So, let’s review the main features of a blockchain that a company can take advantage of:

  • Each of the participants – called nodes – has an exact copy of the stored data. This means that no entity has absolute control over that information.
  • The data contained in each of the blocks is secured with sophisticated cryptographic techniques and an indelible timestamp that provides more security against possible attacks.
  • The information stored in a blockchain is immutable; it cannot be altered or deleted. Given that it is a distributed network, nobody can manipulate the data it contains.
  • The database is kept public, so it is possible to verify the information, even in real-time, without the need for intermediaries.

In the first instance, they should attract you these qualities, and you must perceive that they can boost your company. However, it is not enough. When making this critical decision, you should ask yourself the following questions:

1. Does the company depend on third parties to manage its operations?

2. Do these intermediaries represent high expenses for the company?

3. Does eliminating intermediaries mean relevant savings?

4. Is a database shared among the different participants in the supply chain necessary?

5. Is the company willing to function in an environment where trust moves from institutions – which act as intermediaries – to technology?

6. Is there a need to work with digital assets?

7. Is it necessary to have a permanent, transparent, and immutable record of the different organizational processes to ensure that everything works as it should?

8. Can resources be allocated for the education and training of company personnel, starting with executives?

9. Is it possible to update all staff with a profound change in adopting new technology?

10. Can the company hire consultants, consultants, and blockchain developers at the market price?

11. Should the entire technological infrastructure of the company change because the current one has many deficiencies?

12. Are you willing to risk time and resources to bet on the implementation of a technology that promises a lot, but is still in an early stage of development?

If the answers to most of these questions are yes, then blockchain is an excellent solution for your company. With proper advice, implementation, and education, your organization will most likely become extremely competitive in the market.

On the contrary, if not, look for other ways to add value to your company. For example, if you want to optimize processes, you can redesign available solutions without radically transforming the system. A tremendous technological leap would impact how the entire environment and staff interact.

While blockchain has many significant use cases, most are in the experimental or theoretical phase. There are very few proven cases. Therefore, previously assessing the usefulness of this technology and the company’s ability to adopt it is essential.

Author Bio:

Harnil Oza is a CEO of Hyperlink InfoSystem, a mobile app development company  in USA & India having a team of best app developers who deliver best mobile solutions mainly on Android and iOS platform and also listed as one of the top app development companies by leading research platform. He regularly contributes his knowledge on the leading blogging sites.