Few years ago, one of the latest and greatest hype in IT was blockchain. And, as it’s always with new IT trends, it took a while to get from the hype into a real-life production environment. Nowadays, blockchain is the most popular topic in the market, and many companies are trying to understand which possibilities blockchain technology can offer them and to find the way how to use it in their business needs. It is true that blockchain plays havoc with businesses and in future it is going to change many market sectors.
To begin with, blockchain is not just a cryptocurrency and not a product, but a technology platform, where transactions among partners in a business context can take place. The blockchain can only be updated with the consent of the majority of participants and, once entered, information can never be erased, meaning it can provide a definite, verifiable record of ‘digital events’.
If you want to zoom in on its goodies, it’s good to know that in a non-blockchain situation every individual party in a business network has its own ledger. So, if a manufacturer wants to ship products to its clients, its bank, a transporter, the transporter’s bank, probably customs, the bank of the receiving party and so on, are all duly writing their actions into their ledger. With blockchain, there’s a shared ledger, only one. Before the business partners are putting secured entries in the blockchain, they have established a set of rules describing under what circumstances they may, or may not, put an entry in the blockchain.
Companies around the world are curious about whether blockchain technology can be used to enable new capabilities. The answer of EaZySoft experts: “Sure!”. Blockchain could help you to reduce costs and improve certain processes, advance product, customer data tracking and security, increase product safety, and reduce fraud and counterfeiting.
There are three key success factors for blockchain deployment: collaboration, change in business mentality, and experimentation with disregard to the risk of failure. Let’s discuss each of them.
Blockchain was designed for collaborative engagements, so it needs cooperation between enterprises, competitors and regulators. In the next couple of years we have to adopt that there is no competitors, there is only partnership.
Another important ingredient for success is the change in the enterprisе attitude towards novelty. There should be an overarching openness to change, like to step out of the comfort zone and think outside the box to achieve true innovation. The greatest outcome of this technology is the fact that large companies are rethinking business models and process flow.
To sum it up, blockchain technology just begins its steady growth and companies face several challenges and questions as they consider adopting blockchain technology. Companies must evaluate crucial trade-offs, re-orient towards working with competitors, suppliers, and customers along the value chain. So if you has decided to pursue and potentially adopt blockchain technology at your business, you must answer important strategic questions:
- What levels of speed, scalability, security, and privacy do you need?
- Should you use private “permissioned” blockchains or public ones?
- Should you employ an enterprise-grade blockchain platform?
- Should you join a consortium?
If you have answers for this questions and want to implement this technology in your business, just let us know. EaZySoft will help you with right solutions.