Most guides, tutorials and other articles about blockchain usually start off making an analogy. This comes in handy when you want to explain the blockchain basics in layman’s terms at your next family dinner. But when it comes down to implementing blockchain-based solutions, we shouldn’t jump to conclusions.
Far too often we meet business owners who’re eager to start blockchaining without having a proper use case. It’s understandable. Trying out new technologies, especially the overhyped ones, and applying these to your own business is very tempting. Nevertheless, when you don’t make the shift towards a profound decentralized model, you will end up with the same permissioned databases similar to the one’s you knew before using blockchain.
That’s why we first like to take a little step back from the technology itself to focus on the concept of decentralization. After all, Blockchain is the digital implementation of decentralized system.
So, before you even consider blockchain for your business or DLT (distributed ledger technology) for that matter, you should identify if decentralization adds value to your future or current business processes and in what form. Jumping back to understanding the decentralization concept is the best shot you have at selecting viable use cases in your field.
“Now I wonder, when the Higgs boson particle was confirmed to exist a few years back, did everyone suddenly start developing an interest in learning Quantum Physics? Can you just skip “regular” physics and jump straight into Quantum Physics?”
Therefore, it’s of utmost importance to know how blockchain is related to decentralization and what the difference is between centralized and decentralized systems or applications. Afterwards you should define opportunities and use cases within your industry and design a feasible strategy on how this model could be an advantage both on consortium and stakeholder level.
In other words, you should never skip this hurdle to truly understand the underlying reason why you should or shouldn’t implement the blockchain technology in your business.
Are you searching for answers? Do you want to start at the core and work your way through a tough process to define what your company really needs to be futureproof? Let our experts guide you to a clear business strategy where technology fits the model your business requires.
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