Updated: May 19
Blockchain’s potential applications are gradually being realized as it makes its way into Healthcare, Education, and other sectors. Time-stamped, inter-connected blocks that record transactions and other information before automatically storing that information into digital ledgers can be beneficial to many industries. So how can it be leveraged into your business? We have a few ideas on how to do just that.
Beware of its Maturity
Blockchain technology is being worked on by several open source communities but is not yet a refined, commercial product. If you have the expertise to develop your Blockchain technology, then I’m sure you’re already considering integration. However, if this isn’t possible then the next best option would be to have an independent developer or firm do the work for you. However, this approach averages costs around $5,000 to $200,000 according to Azati.
Introduce Smart Contracts
Smart Contracts can be integrated into Blockchain technologies, to provide a single version of the truth for all to see. The information cannot be revised unless all parties agree and even then, any revisions made are inserted into their block. Blockchain is probably not the best fit for your business if constant revisions are a natural part of your operations. It can still be implemented, but there will be endless blocks of revisions which will make the simplicity of Blockchain redundant.
Prioritize the Needs of Developers
When selecting a Blockchain platform, you want to make sure that the platform you choose is one that is already familiar to your developers. This is crucial if you have a team of hardworking developers at your disposal as making them use a programming language unfamiliar to them may create unnecessary errors in coding. In a similar sense, as Blockchain projects are heavily made up of developer communities, it would be wise to use those communities to provide feedback on your products and preemptively spot coding errors.
Think of the customers
If your business has any form of direct interaction with customers, Blockchain may be the key to completely transforming your customer interactions. Blockchain will increase security in all business to customer interactions adding to business accountability and customer confidence. With customer information not being held at the business location, instead of decentralized across many locations, customers should feel more comfortable that their personal or payment information is much harder to exploit and steal.
If you are still on the fence about Blockchain, you don’t need to go all-in just yet. As its real-world applications are better understood, industry giants will pour resources and funding into more and more Blockchain projects. Obviously, no one knows for definite the extent Blockchain technologies will be integrated into industries, but the fact that there is so much discussion around it means that enough industry experts have faith in it to see how far the technology goes.
· Azati. 2020. How Much Does It Cost To Develop Blockchain In 2020. [online] Available at: https://azati.ai/how-much-does-it-cost-to-blockchain/