How To Determine If You Need Blockchain Technology In Your Business For Improving Efficiency & Production
Blockchain enthusiasts and promoters believe it can solve all global problems. From preventing a supposed imminent financial crisis to artificial intelligence to eliminating realtors, there’s so much that blockchain is thought capable of.
Unsurprisingly, everyone wants to get in on this right now. The fervor currently pervading the blockchain tech is somewhat similar to that of the early days of the internet and dotcom explosion.
Naturally, many people are beginning to pile on because no one wants to miss out on the tech boom. The main problem though is there’s so much noise and hype about the tech that it can be confusing. These telltale signs are reminiscent of the days before the dotcom bubble burst.
It is imperative to be careful about jumping on the wagon without knowing what it fully entails or identifying the role blockchain distributed ledger technology can play in your business. While there are those who are investing in cryptos, others are beginning to see how they can integrate blockchain technology into their business.
But, does this mean all businesses can benefit from blockchain? Are there business models or industries that it would be perfect for? What about those that it won’t work for? Just because blockchain is all the rage at the moment, doesn’t mean it will be good for.
To help you decide if the tech is worth exploring for your business, we have created the perfect list of questions that are designed to help you make the right decision.
12 Blockchain Questions To Ask About Your Business
- Are you looking to eliminate middlemen?
- Are your processes dependent on physical infrastructure or digital?
- Do you have the capacity to create a permanent record of the digital asset?
- Would you prefer fast, instant transactions in your business?
- Is data storage important to your business?
- Is it necessary to trust another party?
- Do you often need to prepare, require and sign contracts?
- Is there a frequent need for shared write access?
- Do the interested parties trust each other?
- Do interested parties and investors share a mutual financial interest?
- Is functionality control a priority?
- Is there a need to make financial transactions public or private?
If majority of those questions had an affirmative answer, then blockchain just might help your business become more efficient through the seamless integration of blockchain solutions.
The majority of folks will probably skip these questions and just jump on the bandwagon, even when they have no clear need for the solutions that blockchain provides.
Smart business owners like you however, will be able to tell if having some of your processes powered by blockchain will help efficiently streamline your business processes, eliminate redundancies, ensure your independence and improve your bottom line.
The blockchain tech is still in its infancy. There’s so much growing and advancement to do. If your business isn’t yet at the point where it needs blockchain solutions, grow it until it gets there.
For instance, if you’re not doing hundreds of transactions every day, blockchain might not be necessary at this point. Blockchain is powerful and potentially capable of some of the many solutions. But it’s still at the point where the tech hasn’t matured.
Maybe in a few years, it will be capable of delivering those amazing results. But for now, we’re keeping our fingers crossed and can’t wait to see what the next few years bring.