Do you really need the blockchain? Try this checklist
Okay, you’ve got the brilliant business idea. It will make the world better, people happier, and you richer. You are enchanted with new blockchain technologies (BCT) and you start your own ICO — it is a perfect method of crowdfunding.
However, this is the question. Do you really need the blockchain-based solution? The wrong decision on this stage can result in your ICO failure, financial and reputation losses.
Check your project using this list to understand if you really need the BCT.
1. Are you trying to remove brokers and intermediaries?
The brokers and intermediaries can be useful because they make some part of your job. However, the costs of their service can be painful. So, if you want to remove them from your business, consider blockchain.
2. Do you work with physical access or digital access?
If you deal with physical access, you probably better find another way, but if you are in digital, you certainly need BCT.
3. Do you require high-performance, rapid and safe transactions?
If yes — BCT is the best solution for you.
4. Does your solution require the storage of large-volume transaction data?
Unfortunately, on the current stage of its development BCT cannot do this, but the solutions are in development. You can go on without BCT or join RAYS network and become one of the pioneers in the modern data storage solution.
5. Do you need to rely on a trusted party, for example, for compliance?
BCT may work, please do some more research.
6. Are you managing contractual relationships or value exchange?
If no, you can try the BCT, but further research is also needed.
7. Do the contributors to your project know and trust each other? Do you need the shared write access?
In this case BCT can also be the best solution, however, you should check again if it is true.
8. Should your transactions be confidential?
If yes, avoid blockchain solutions, they are mostly transparent.
So, after you finished the checklist, you can better understand if you really need blockchain solution. You probably noticed that BCT have no answers for some questions, but the technologies develop. For example, RAYS Network develops a new blockchain solution for data creation, management, and storage in the blockchain-based system.
To learn more about RAYS solutions, join us!
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