To evolve and persist, business needs to keep an active tab on the emerging technologies. One such technology that we think is going to become mainstream in the coming years is blockchain. Even now, the demand to adapt is exceptionally high. Companies such as Remme, Gem, and others are already changing the landscape.
This leads to one big question, “Should you use blockchain in your business as well?” If so, which questions should you ask before deciding if blockchain is right for your business? In today’s article, we will explore both the questions. After reading the article, you will be able to gauge your current position and make a calculated guess on whether your business should adopt blockchain or not. Believe us; you don’t want to spend your money and energy only to find out that blockchain doesn’t work for you or your business.
Questions to ask before deciding if blockchain is right for your business
Building blockchain network is a risky endeavor. To build blockchain, you need to hire the best technical minds and also invest heavily regarding cost. Make sure to ensure that you take an informed decision, you need to ask yourself questions at every step.
To get started, ask yourself the following questions.
- Will blockchain implementation your overall business productivity? If yes, how?
- How is data stored in your organization? Is there a need to transfer that data into blockchain?
- If you do, then will the information be secure and more accessible than before?
All the above questions will give you a necessary foundation of what to expect next. Overall, it should be understood that there is no point in implementing blockchain if it slows down your business. Even though, blockchain can change some aspect of your business, but not at the cost of productivity.
Information security is also vital. To understand if blockchain can help you, try to evaluate all the entities that you share your information with. Now, you need to learn if keeping data on blockchain will help you engage with those entities in a better way or not.
Now, that you have asked yourself some fundamental questions, it is now time to ask questions to understand how your network needs to be implemented.
- Which entities in your business have decision making power using the information you send or receive?
- How the marketplace will be affected and “what” decisions those entities in the market need to take?
These questions will help you to identify the endpoints of your business and know the impact of blockchain on them. You might be running a business of books, but will the buyer and seller will be able to improve their current business experience? If so, how?
As of now, you might have already understood how vital the entities in your business are. The job of the blockchain is to make the life of everyone directly or indirectly connected with your business easy.
Important decisions based on Information
Information is key. To make things clear up front, you need to ask few more questions. They are as follows.
- Who will have access to sensitive information?
- How can the information be validated through the system?
- How will the flow of information work? Basically, who will get it first?
- Will any rules need to be followed? If yes, what will be those rules?
With all the above questions, you can now make an informed decision.
Also, let’s discuss some of the generic questions that you should ask.
- Will blockchain eliminate middlemen? If yes, how effectively?
- Do you need both physical or digital asset dependency for blockchain to work?
- Do you require 3rd party involvement to run your blockchain successfully? If so, how much involvement they need?
Business decisions should be taken with proper research. And, when it comes to the blockchain, the research effort should be tripled at least. A better way to go with it is to hire a blockchain expert and let him evaluate it for you. Setting up an internal team can also help you take a much better decision and help you take advantage of the blockchain. You should also consider future developments of this technology, here is an opinion post about the future of blockchain.
Want to Learn more about Blockchain Technology? Check out our Complete Beginner’s Guide.
So, what do you think about blockchain in general? Do you need to jump on the bandwagon? Let us know your thoughts in the comment section below.