Is blockchain for you or your organization or your Industry?

When I started digging into blockchain few months back, first question asked by my cousin, Is this really having lot of potential and How can one evaluate that particular use-case is fit to apply blockchain.

So here I am going to give framework to decide whether we should go ahead with blockchain or not ?

Hyperledger community has provided Blockchain Decision Path.

Blockchain Decision Path

Basic criteria is to Check for Is there need of shared common database , Is multiple parties involved in transaction to happen , Parties invoked in transaction are trusted or not , Rules of transaction between parties changes frequently or not.

When evaluating blockchain technology, consider whether regular file storage, a centralized database, or database replication with master/slave relationship between the original and copies is suitable. If those structures are suitable, then you can deploy your application with reduced complexity.

Do you need a smart contract or are stored procedures written in an extension of SQL sufficient? Similarly, some applications can simply utilize cryptographic methods common in blockchains, without the database replication mechanisms of a blockchain.

Use-cases for evaluation

Below are some of use-cases for evaluation , which can be transformed using blockchain and distributed ledgers.

Currency, as we can hear how much bitcoin is making noises in the market.

Private and public equality, bonds,Voting , Commodities , Spending records ,Trading records , Mortgages/loan records , crowdfunding , Micro finance , Micro charity , public records e.g land titles , vehicle registrations, Licences, passwords , certificates , permits , government records , physical assets , coupons , vouchers , copyrights, trademarks , domain names etc.

I hope now after going through this article at high-level, one can evaluate the use-cases meant for blockchain.