Do Companies Really Need Blockchain Technology?

Blockchain technology proved to have a huge impact on almost every industry there is. While there are tons of obvious use cases, there is still a lot of uncertainty and disbelief around the technology.

Today, more 6 out of 10 companies are trying to implement blockchain technology. Most of the companies are seeking transparency in transactions, lots of transmitted information and also stable storage systems. For many companies, there is an inherent risk that managers and owners are exploring new technologies without exploring other alternative options that can bring them cheaper solutions.

One reason why blockchain is usually the answer to the problems is that of the relative easiness for finding high-level use cases, but often applying this technology is only a theoretical solution.

The blockchain is a lot different from a classic database in a lot of ways but the biggest difference is probably its decentralized nature. Usually, databases require a central authority to manage data, but, blockchain uses the decentralized approach with comes at a cost of course. There are a few simple tips to help companies guide through the process of implementing blockchain. First, don’t try to fix it. If your current database model is working, there is no rush to replace it because replacing it involves a lot of rethinking and hard work. But, if you are depending on a third party to do your transactions than is maybe time to think about blockchain technology.

There are plenty of reasons why you should use it such as cross-border payments, easy management of shared ownership and also health records. Of course, be aware that if you are not really informed, you can get caught off guard by the unknown. Just stay curious and find the practical approach you need.