With blockchain’s emergence, many enterprise companies are hoping to seize the opportunity while they can. But deciding how, why, and when to implement it is quite tough, to begin with. We are offering this guide covering key questions you need to ask for your blockchain business to help you out.
To evolve and persist, businesses need to keep an active tab on emerging technologies. One such technology that we think is becoming mainstream is blockchain. Even now, the demand to adapt is exceptionally high.
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. After reading the article, any novice will be able to gauge the current situation and make a calculated guess on whether his/her business should adopt blockchain or not.
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Key Questions for Blockchain Business
You need to ask the right questions for your blockchain business before you start implementing it. Building a blockchain network is a risky endeavor. To build the blockchain, you need to hire the best technical minds and invest heavily. To Make sure you take an informed decision, you need to ask yourself questions at every step.
Blockchain Business Questions
To get started, ask yourself the following questions.
- Can blockchain disrupt your business model, and should make adjustments to your business strategy?
- Will blockchain implementation increase 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?
- What kind of blockchain use cases are compatible with your business?
- Which entities in your business have decision making power using the information you send or receive?
- How will the marketplace be affected, and “what” decisions those entities in the market need to take?
- Can blockchain offer the opportunity to reduce costing and improve consumer satisfaction?
Also Read: How Does Blockchain Work?
All the above blockchain questions will give you a necessary foundation of what to expect next. Overall, you should understand that there is no point in implementing blockchain if it slows down your business. Even if blockchain can change some aspect of your business, you should not opt for blockchain at the cost of productivity.
Data privacy 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.
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Blockchain Security Questions
Before you jump into implementing your very first blockchain solution, you need to understand how blockchain security works and if it’s enough for your business. So, start by asking these blockchain security questions –
- How secure is blockchain technology?
- Can blockchain truly offer immutability and transparency?
- Can devices track IP addresses on the network?
- Who will have access to sensitive information?
- Can blockchain infrastructure offer protection against cyber-crimes? If so, how?
- What the security concerns relating to blockchain, and how to overcome them?
- What kind of encryption does technology use?
- Are consensus algorithms enough to offer a fully distributed network? If so, what are the security concerns relating to them?
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Questions About Blockchain Implementation Process
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. These are the biggest questions about blockchain you should ask before starting your blockchain journey.
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?
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As of now, you might have already understood how vital the entities in your business are. In reality, blockchain’s job is to make the life of everyone directly or indirectly connected with your business easy.
They are as follows –
- Will blockchain eliminate middlemen? If yes, how effectively?
- Do you require 3rd party involvement to run your blockchain successfully? If so, how much involvement they need?
- Do you need both physical or digital asset dependency for blockchain to work?
- 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?
- Which platform should your use, and what standards you need to follow?
- Do you want to implement your platform on a private blockchain?
- What kind of support or services are available for enterprise companies, specifically?
- Which infrastructure is ready to use as the base of your blockchain implementation solution?
- What kind of blockchain tools should your developers use to implement the project faster?
- What are the basic blockchain requirements for enterprises?
- Do you need an identity management system or authentication systems?
- How can you govern or administer it, maintaining the distributed nature?
With all the above questions, you can now make an informed decision.
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Once you ask yourself all of the above questions for the blockchain business implementation process, you can make an informed decision on whether you really need it or not. And if you do need it, then you know just how the network works and what your strategy should be.
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 become a blockchain expert and evaluate it for yourself. Setting up an internal team can also help you make a much better decision and help you take advantage of the blockchain.
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