Blockchain: should I stay or shoud I go
More than ten years ago, the first block of the Bitcoin blockchain was mined. Since then blockchain technology has undergone a rollercoaster ride, strongly driven by the investment craze around the crypto coins. Many organizations - from small to large - also stepped into blockchaine experiments. In spite of this, many people have now met with disillusionment as people have learned that blockchain does not offer a solution for every problem, for example when physical means are difficult to follow digitally. In order to make a good assessment of whether or not blockchain is used in these developments, it is therefore not only important to know the technology, but also to know the opportunities, threats, strengths and weaknesses within the processes to be supported. .
Many companies have started experimenting with blockchain via one proof-of-concept and discover more and more possibilities. Unfortunately, we often see that blockchain has become a toy of IT people and technology companies, which lacks a well-founded business case. In these practical tests, the focus is mainly on technological development where a problem is sought that they like or would like to sell. Usability and commercial feasibility - crucial for success - are virtually ignored. The result is that the developed blockchain solution often has no connection to the existing problems in the organization and thus lacks business justification.
On the other side of the spectrum are the blockchain skeptics, who consider technology as an inflated hype. For example, blockchain would only be an inefficient alternative to existing technologies. The uncertainties and limitations of blockchain technology result in huge risks that limit the application possibilities of blockchain enormously. Nevertheless, the impact and potential of the technology should not be underestimated. With its distributed nature, blockchain can revolutionize business models radically and previous shortcomings - such as Bitcoin's energy-guzzling consensus mechanism - are quickly erased.
Between these different perspectives we place a third option: be open to the possibilities of blockchain technology, but be k
ritually on your business case. In practice, this means that you first need to identify the problems in your chain. This not only gives a reason to take action, but it also offers the required knowledge to be able to identify the correct solution for the problem at a later date. With a good understanding of the situation in the chain and the associated complications, you then look at the suitability of various solutions
sings. Blockchain can be one of your considerations, but for this it is crucial to be aware that blockchain has a number of unique characteristics. Consider, for example, the distributed nature of the technology. This means that the influence and control on a platform are shared by the participating parties as if it were a democracy. One of the results is that the controlling role of third parties is changing while participants can cooperate with each other peer-to-peer. Blockchain in particular has an impact on the governance, risk management and compliance of a chain.
With its unique characteristics blockchain technology can offer a new solution to the problems in your chain, or it can have disastrous consequences. By following the right steps you can finally determine whether blockchain offers the solution to the problems in the chain. Have you become curious about the unique properties of blockchain? Or would you like to know which follow-up steps you need to take for the problems in your chain? Then contact Jurriaan Vogel via firstname.lastname@example.org or 06 11 28 54 66.