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How to Decide If Blockchain Technology is Right for Your Business? Here is an Answer!

Cryptocurrency

How to Decide If Blockchain Technology is Right for Your Business? Here is an Answer!

Blockchain technology has emerged a lot in last couple of years and people started thinking about its application in all different industries. There are hundreds of Blockchain and cryptocurrency events being organized around the world to discuss the possible application of this technology. But, do you really sure whether it can be incorporated with your business? Is it the right technology for your business?

blockchain technology

Recently, World Economic Forum has recently published insightful infographic containing simple 11 questions. If you are a business and planning to implement Blockchain technology, just go through these 11 question that will help you decide if blockchain is the right for your business or not!

According to WEF:

Based on our analysis of how blockchain is used in a variety of projects around the world and following interviews with selected chief executive officers, we found there are 11 questions, at most, that businesses need to answer to see if blockchain is a solution to some of their problems.

Before we share the infographic, here is the list of those question for your reference:

  • Are you trying to remove intermediaries or broker? If yes, move to question 2.
  • Are you working with digital assets (versus physical assets)? if yes, move to question 3.
  • Can you create a permanent, authoritative record of the digital asset in question? If yes, move to question 4.

If the answer is No to all above questions, Blockchain technology is not the right solution for you.

  •  Do you require high performance rapid transactions? If No, move to below question.
  • Do you intend to store the large amount of non-transaction data as a part of your solution? If No, move to next question.

If the answer is Yes to above (two) questions, “Blockchain can’t do these efficiently yet, but solutions are in development“.

  • Do you want / need to rely on a trusted party? (e.g for compliance or liability reason) – Yes (blockchain may work – further research require), No – move to next question.
  • Are you managing contractual relationship of value exchange? No – (blockchain may work – further research require)
  • Do you require a shared write access? No – (blockchain may work – further research require), Yes – Move to next question.
  • Do contributors know and trust each other? Yes – (Are contributors interest unified or well defined? Yes – Blockchain may work – further research needed), No – move to next question.
  • Do you need to be able to control functionalities? No – (Strong case for blockchain (Private / permissioned ledger*)), Yes – move to next question
  • Should transactions be public? No – (Strong case for blockchain (Private / permissioned ledger*)), Yes – Strong case for blockchain – public ledger)

Here is the detailed infographic for your reference:

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