3 Ways To Determine If Your Business Needs Blockchain Technology
About one-third of the C-level executives are thinking of embracing blockchain technology. This proves it is one of the hottest business technologies today, with businesses irrespective of their sizes are trying to gain the benefit of data protection and the extra layer of security. While there are several benefits of blockchain technology for your business, take a moment and find out if your business really needs it.
Tips to know your company needs blockchain
While you know why business needs blockchain technology, do you know if your company needs it? Here are top three ways to find out.
Jot down and describe the business issues you want to address using blockchain technology
This technology is important when your business is dealing a huge amount of data and multiple parties – still, they want to ensure the reliability of the data. Actually, big companies want to ensure the data is not only accurate but also safe and secure. Therefore, in that situation using blockchain technology makes complete sense.
For instance, if you have a business that involves tracking of multiple assets, then adopting blockchain technology is a clear choice.
Determine if your company wants to join or create an extended business network to improve the business process
Let’s take an example to understand this case. Assume you are a solar design company, so after enlisting preferred vendors and other industry players into a blockchain-based energy consortium, your business will be able to get work done seamlessly by sharing one set of validated specifications from the sale to finished installation.
Depends on the type of business you are in
Blockchains provide a shared and secured record of transactions across a business network. For instance, a federal government working with banks, food and drug administration officials and other domains typically use blockchain technology to spot forged products and block illicit customs activity.
The World Economic Forum has listed down questions that will help you in decide if your business needs blockchain.
- Are you managing contractual dealings?
- Are you managing digital assets?
- Are you trying to remove the role/need of brokers?
- Should transactions be public?
Irrespective the size and domain of your business, these questions will help you take the right decision. In fact, a lot of healthcare companies are also preferring blockchain technology to securely access the patient’s data.
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