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Are you thinking about integrating the blockchain in your business? & Nbsp; I do not blame you.
Blockchain is ready to remodel many industries, promising huge benefits in terms of efficiency, time and costs. This year, blockchain startups have received over $ 1.3 billion in financing by venture capitalists, with few signs of slowing down.
But while blockchain is proving revolutionary for some industries, it's not right for every company. It makes no sense to use a club to beat a nail.
Every week, a new startup or technology promises to revolutionize the world or the way we do business. For business leaders, we are trying to move from one innovation to another for fear of losing the advantage of the market. But as the saying goes, "Se & nbsp; is not broken, do not fix it."
First of all, you need to evaluate if you need a blockchain solution or if another (perhaps cheaper) technology would do just as well. Maybe it's your business model that needs an afterthought, not your infrastructure. Maybe you just need to modernize. There are also different types of blockchain. Some are slower, others are safer and so on. If a blockchain is needed, it is necessary to assess which type fits your company profile and whether the investment of time, effort and money will pay off in the long run.
I can not give you everything you need to make the decision here, but I can give you an advantage. So here are five signs that blockchain could help your business.
1. You need to share a database with a lot of different people
Blockchains are, at various levels, decentralized, works like a shared ledger. This means that everyone on a blockchain network has access to the same information. If such information changes and the change meets the rules of that specific blockchain, it is reflected on the version of all others in the ledger.
Located in the United Kingdom, Medicalchain& nbsp; is a database based on blockchain patient records. Healthcare professionals register for the first time to access the shared ledger (a manage permissions blockchain) and then add new transactions, so there is always a single version of the truth. This helps healthcare professionals to work efficiently, saving money, time and potentially lives.
2. You & nbsp; Process transactions that require a verifiable audit trail
Transactions with Blockchain are immutable and guaranteed by cryptography. The transactions are stored in blocks and each block is connected to the previous one using a special cryptographic key, created by cutting the data of the previous block. This leaves a verifiable audit trail up to the first block in the chain.
Fake goods, altered soup kitchens and supply chains that lose money cost e endanger consumer health. In the fine wine industry, blockchain solutions like the Chai Wine Vault they are helping to fight fraud and fake wine. The bottles can be sold for thousands of dollars, so the risk of counterfeiting is high. And often, those who produce this fake wine use inferior and potentially dangerous ingredients. In this case, the immutable transaction record of blockchain demonstrates authenticity (and security).
3. Use intermediaries to process or verify information on your behalf
Blockchains are untrustworthy by nature, meaning they do not require you to trust another person before doing business with them. The rules of that blockchain and its consent mechanism (how to decide if a block is valid) ensure that everyone plays well.
Because blockchains do not need central authorities or intermediaries, they can increase efficiency, saving time and money. Blockchains are therefore excellent for financial services, eliminating the need for costly or complex verification processes, especially cross-border and jurisdictional ones.
Retail bank Santander started using blockchain for international money transfers. Instead of waiting three to five days to move from one person to another – usually due to complex chains of verification between different countries – transfers take place the same day or earlier.
4. You & nbsp; Use the Contracts to account for Transactions between Different Parties
Smart contracts are pieces of code placed above a blockchain to perform a function once certain conditions are met. Suppose, for example, to exchange contracts for the sale of a house. Once both parties have signed electronic contracts, a smart contract could free up shares or funds without involving your real estate agent.
Smart contracts are not "intelligent" in the traditional sense of the term. They are written by developers, not by AI with superhuman legal knowledge, so they are best for simple arrangements, where it is easy to write logic in a watertight code.
Slock.it uses smart contracts to simplify the sharing economy. Instead of manually renting unused physical goods – like a bike, a car or a house – a smart contract does it all for you. The same principle applies to the business.
Let's say you hire bikes. Instead of having a store, you can protect your bikes with smart locks that only open once paid through a mobile app. Once returned, the tenant receives the deposit back less the cost of the rental. Everything from the price of the bike to its position is managed by the intelligent contract, saving hours of time and costly overheads.
5. Your & nbsp; transactions must be transparent
Public blockchains such as Bitcoin or Ethereum are 100% transparent. A public blockchain allows everyone to view the transactions recorded on that chain and perform an audit to demonstrate the legitimacy of these transactions. Organizations that rely on transparency – such as charities, financial institutions or governments – may use blockchain to simplify their reports.
The Canadian government is experimentation of a project on the Ethereum blockchain reveal research grants and data financing to the public. Since everyone has access to data and it would be almost impossible to falsify information without being detected, it is the symbolic equivalent of inviting the public to check their financial decisions almost in real time.
Still uncertain?
If you're still not sure if the blockchain is right for your business, you can consider the need to use it further these flowcharts. If you're still stuck, or you just want to test a blockchain on your own, you can develop a public blockchain (which is open to everyone), or use one of the many test applications like Blockchain Azure workbench.
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Are you thinking about integrating the blockchain in your business? I do not blame you.
Blockchain is ready to remodel many industries, promising huge benefits in terms of efficiency, time and costs. This year, blockchain startups have received over $ 1.3 billion in venture capital funding, with few signs of slowing down.
But while blockchain is proving revolutionary for some industries, it's not right for every company. It makes no sense to use a club to beat a nail.
Every week, a new startup or technology promises to revolutionize the world or the way we do business. For business leaders, we are trying to move from one innovation to another for fear of losing the advantage of the market. But as the saying goes, "If it's not broken, do not fix it."
First of all, you need to evaluate if you need a blockchain solution or if another (perhaps cheaper) technology would do just as well. Maybe it's your business model that needs an afterthought, not your infrastructure. Maybe you just need to modernize. There are also different types of blockchain. Some are slower, others are safer and so on. If a blockchain is needed, it is necessary to assess which type fits your company profile and whether the investment of time, effort and money will pay off in the long run.
I can not give you everything you need to make the decision here, but I can give you an advantage. So here are five signs that blockchain could help your business.
1. You need to share a database with a lot of different people
The blockchains are, at various levels, decentralized, which function like a shared ledger. This means that everyone on a blockchain network has access to the same information. If such information changes and the change meets the rules of that specific blockchain, it is reflected on the version of all others in the ledger.
Located in the United Kingdom, Medicalchain is a database based on blockchain medical records. Healthcare professionals register for the first time to access the shared ledger (an authorized blockchain) and then add new transactions, so there is always a single version of the truth. This helps healthcare professionals to work efficiently, saving money, time and potentially lives.
2. Process transactions that require a verifiable audit trail
Blockchain transactions are immutable and protected by cryptography. The transactions are stored in blocks and each block is connected to the previous one using a special cryptographic key, created by cutting the data of the previous block. This leaves a verifiable audit trail up to the first block in the chain.
Counterfeit goods, altered tables and supply chains that lose money cost money and put consumer health at risk. In the fine wine industry, blockchain solutions like Chai Wine Vault help fight fraud and fake wine. The bottles can be sold for thousands of dollars, so the risk of counterfeiting is high. And often, who produces this fake wine uses inferior and potentially dangerous ingredients. In this case, the immutable transaction record of blockchain demonstrates authenticity (and security).
3. Use intermediaries to process or verify information on your behalf
Blockchains are untrustworthy by nature, meaning they do not require you to trust another person before doing business with them. The rules of that blockchain and its consent mechanism (how to decide if a block is valid) ensure that everyone plays well.
Because blockchains do not need central authorities or intermediaries, they can increase efficiency, saving time and money. Blockchains are therefore excellent for financial services, eliminating the need for costly or complex verification processes, especially cross-border and jurisdictional ones.
The Santander retail bank has started using blockchain for international money transfers. Instead of waiting three to five days to move from one person to another – usually due to complex chains of verification between different countries – transfers take place the same day or earlier.
4. Use contracts to satisfy transactions between different parties
Smart contracts are pieces of code placed above a blockchain to perform a function once certain conditions are met. Suppose, for example, to exchange contracts for the sale of a house. Once both parties have signed electronic contracts, a smart contract could free up shares or funds without involving your real estate agent.
Smart contracts are not "intelligent" in the traditional sense of the term. They are written by developers, not by AI with superhuman legal knowledge, so they are best for simple arrangements, where it is easy to write logic in a watertight code.
Slock.it uses smart contracts to simplify the sharing economy. Instead of manually renting unused physical goods – like a bike, a car or a house – a smart contract does it all for you. The same principle applies to the business.
Let's say you hire bikes. Instead of having a store, you can protect your bikes with smart locks that only open once paid through a mobile app. Once returned, the tenant receives the deposit back less the cost of the rental. Everything from the price of the bike to its position is managed by the intelligent contract, saving hours of time and costly overheads.
5. Your transactions must be transparent
Public blockchains such as Bitcoin or Ethereum are 100% transparent. A public blockchain allows everyone to view the transactions recorded on that chain and perform an audit to demonstrate the legitimacy of these transactions. Organizations that rely on transparency – such as charities, financial institutions or governments – may use blockchain to simplify their reports.
The Canadian government is experimenting with a project on the Ethereum blockchain to reveal research grants and data funding to the public. Since everyone has access to data and it would be almost impossible to falsify information without being detected, it is the symbolic equivalent of inviting the public to check their financial decisions almost in real time.
Still uncertain?
If you're still not sure if the blockchain is right for your business, you can further evaluate the need to use these flowcharts. If you're still stuck, or you just want to test a blockchain on your own, you can develop a public blockchain (which is open to everyone), or use one of the many test applications like Azure Blockchain Workbench.
