Checklist: Does Your Company Need Blockchain?

Influenced by the blockchain hype, a lot of managers are dazzled by this technology. Some are likely to switch from a mature system they used before to a blockchain-backed solution. But is it really always necessary? Let’s see if you can answer ‘yes’ to all of the statements below.

Data Protection Is Your Number-One Priority

Is your company processing big sets of data? Are there numerous processes that need to be secured? Is your company suffering from systematic hacking attempts? If you answer YES to any of these questions, blockchain can help you to address these issues.

The key idea of blockchain is that it is decentralized. Data is equally distributed between all the nodes of one chain and requires that they be hit simultaneously for the chain to get hacked. Also, blockchain manages access rights and allows creating as many access levels as required.

What kind of companies can benefit from this? Mainly, these are big corporations that entirely depend on the security of their data. Among examples, there are banks, telecom, and insurance companies.

Every Piece of Data Needs to Be Quickly Traceable

Are there cases when you need to find a piece of information in your enormous database? It’s like finding a needle in a haystack. Blockchain can accomplish this task in seconds.

The append-only storage allows using only the latest transaction details, as the nodes will be accumulating and updating all the data recorded previously.

Such areas as supply chains or product provenance tracking can be significantly enhanced with the help of blockchain here.

There Are Business Processes That Need to Be Automated

Are there any operations that are subject to the rule “If A is true then do B”? Is it necessary to follow this rule no matter what? Answering YES, you are opening doors for blockchain.

Its smart contracts can incorruptibly automate business processes at your company. They can trigger certain actions upon the successful accomplishment of the prescribed events. Being human-free, such actions will be carried out automatically.

Automation of such processes as ownership transfer, payment, data validation, or permission issuing can make them not only more time- and cost-efficient but also more transparent.

You Need to Disintermediate Processes Yet Keep Them Transparent

How many intermediaries participate in your business processes? How much margin do they charge for their services? If you would like to minimize this burden, blockchain can come in handy.

With the help of the technology’s witness nodes, companies using the same blockchain can avoid involving the third parties responsible for data integrity and the associated costs. This is because blockchain won’t record any unconfirmed data.

Businesses that require a lot of participants are the key beneficiaries of this functionality. For instance, the logistics industry that uses services of multiple shipping companies can significantly cut its costs by using blockchain.

My Company Needs Blockchain. So What?

If after reading this post you understand that at least one of these points is crucial for your company (like, your data needs to be secure, traceable, and transparent or processes require automation), step in and seize the blockchain opportunities. You can either develop your blockchain-driven solution by yourself or use an out-of-the-box one.

In the former case, there are two options in front of you. You can design a blockchain from scratch or encode a ready-to-use one (for example, genEOS) in your application.

In the latter case, you need to analyze what solutions exist on the market and start using the most suitable for your needs.

Anyway, before switching to blockchain-powered software, weigh its pros and cons. Don’t forget that the transition process can be quite long and require big efforts and investments. If you feel like it, the genEOS team is always here to take you through this journey.