Blockchain has disrupted the capabilities of industry operations. Therefore, many businesses are trying to integrate blockchain in their ongoing operations.
However, should all companies use the blockchain? How would you know whether this technology can bring you benefits or not?
Let us take a look at several conditions that can help you decide whether blockchain technology is needed in your business or not.
Why are many companies stepping towards Blockchain App Development?
Basically, blockchain is a long chain of recorded data and managed by a cluster of different computers. The blocks of blockchain are secured and cryptography makes them connected to each other.
There are many reasons that have made blockchain so popular. Some of them are:
- It runs on a decentralized system i.e. not owned by a single entity.
- Every data here is securely and cryptographically stored.
- The data stored cannot be tampered or hacked.
- Blockchain is a transparent technology that makes it easily trackable.
Due to all these reasons, many companies want to incorporate the blockchain technology. In a survey by Juniper Research, 76% of employees of big companies were interested in integrating blockchain technology and thought that it will be useful in their operations.
When is the right time for your business to dive into blockchain?
Without a doubt, we can say that the blockchain solutions provide many use-cases. But, some of them are in the theoretical or PoC (Proof of concept) stage.
Though private blockchain which is owned and controlled by a single entity, is said to be a fancy type of shared database, it has become largely popular in industries like finance. However, according to critics, it is simpler to implement a shared database than blockchain. So, you should look into the following questions before considering blockchain in your business:
- Does the alternate solution or other new technology will take more years to fulfill its promises?
- Is this the right time to implement blockchain technology?
- Is your company dependent on the third party which takes away a major part of an investment?
If these answers are positive, then you can go with blockchain. But, if your company deals with a large amount of data and the importance of speed and time is immense in it, then blockchain app development may not be the best thing for your company as of now.
Moreover, more factors that affect your decision regarding blockchain implementation. For instance:
Operations- For some companies, blockchain does wonders in terms of operation quality and speed.
Auditing- Blockchain creates a permanent record of every transaction which makes it easy to follow a paper of trail for auditing matters.
Quality assurance- This transparent technology allows you to scrutinize and investigate every part of the chain.
However, to make everything work in your company, you need to make sure that your employees are blockchain savvy to run it without a hitch. According to George Levy, you need to train a group of managers and software developers, before you integrate Blockchain in your business system. As managers need to know how blockchain is changing the business process. On the other hand, to build and maintain it, the IT department and software developers need to have coding skills.
Human beings are not really open to change. Many companies believe that integrating new technology will disrupt their relationship with existing customers. So, in such a scenario, it is better to study your market before taking any action.
Take small steps
If you don’t possess all the necessary resources, you can use solutions and tools that already exist to create applications. These solutions don’t cost much and give the opportunity to test if this actually works for your business or not.
Many emerging tech companies in India are working to make this blockchain technology more accessible to the companies that are willing to integrate blockchain in their business operation. However, let’s take a glimpse at how these businesses are developing blockchain application:
Firstly, it is very crucial to understand your business and the need of blockchain technology in it. Take notes of the primary goal of developing the blockchain application so that you can use its features and functions to the fullest.
Then, review what system will work for your application: Public/decentralized platform, private/permissioned infrastructure, and hybrid/consortium platform.
You can use the following solutions: Open blockchain like Bitcoin/Ethereum. Install a private blockchain network to run it without a third party or network with partners or peers. You can also use cloud-based solutions like IBM BlueMix, and Amazon Web Services (AWS). After creating your application, make sure you test your approach.
The majority of the businesses are going or will incline towards blockchain technology. However, not every business needs this technology. You don’t need to join the herd because everyone around you is doing so. It is better to take advice from blockchain technology consulting before taking any step. You need to take a hard look at your requirements and consider many factors. If your business process is already in a great place, don’t need to disrupt it. If you are capable of the investment, then only take the step forward. If your client is happy and satisfied with the current process, why take the risk.