Evaluate if Blockchain could add value for you
Think of a spreadsheet that is duplicated thousands of times across a network of computers. Then picture these spreadsheets to be connected and that this network is designed to regularly update this spreadsheet. That is what Blockchain is all about – the information held on a Blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits that have the potential to transform the way organizations perform transactions if certain prerequisites are in place.
However, in the past few years and with the rise of various cryptocurrencies such as Bitcoin and Ethereum, Blockchain as a technology and its applications was blown out of proportions. One of the most unique aspects of Blockchain is its high number of evangelists – people who believe Blockchain can solve everything from global financial inequality to access to financing for start-ups, the provision of ID for refugees, to solving supply chain problems and enabling people to sell their houses without needing an estate agent. It has started to seem that the most intractable of the world’s problems have merely been waiting for Blockchain to arrive.
The result? Many unambitious proof-of-concept activities that contribute little to the bottom line. Without a sound business case never proceed to production because they are not actually needed. Solving a business problem using Blockchain technology means that if the solution works, you have a compelling reason to proceed from proof-of-concept to production and, usually, a business case to do so as well. With those two items in hand, concerns about the future architecture of Blockchains and the best way to form a consortium matter much less. You create value now and adapt if things change later.
As part of my role at Sofigate Denmark, we have developed a five-point test to help clients understand if the application of Blockchain to a new problem is likely to be successful and add value. Here are the five critical components of determining if Blockchain technology will address your business needs.
Is Blockchain useful for you? Take the test here!Test youself
Ready to take Blockchain to the next level?
Did you answer yes to at least three of the questions in the test, then it is a pretty solid indicator that not only is Blockchain a good potential fit, it may in fact be the best possible way to solve the business problem you are facing.
If you need help assessing your organization’s problem-solution fit with Blockchain or if you just want to learn more about Sofigate’s Blockchain concept, please feel free to reach out to Jason Walsh – our process expert. We can arrange a 2 hours discovery workshop free of charge to help your business uncover the potential of Blockchain in exchange for permission to include our findings in an anonymous business case.
/Author: Abdullah Almiqasbi