Blockchain technology has multiple use cases today, but companies should ask some questions before implementing it. From the economic significance of Bitcoin and cryptocurrencies to distributed ledger technology can bring a wide range of practicality in many fields, blockchain technology should be one of the most popular and popular terms today.
The use of this technology has found its destination in supply chain management and cross-border payment. Its further potential has been understood by many people, but it may cause doubts about how to make the right decision. Interestingly, although bitcoin technology has been available for 11 years, its business implications did not begin to be fully demonstrated until early 2018.
In just a few years, blockchain technology has achieved amazing growth in the enterprise field. IBM, Amazon, Google, Microsoft, and some other technology giants have stepped up efforts to build blockchains. Studies have shown that blockchain technology will promote global economic growth of 120 billion U.S. dollars.
However, because blockchain technology is an emerging technology, it is potentially disruptive. Therefore, for enterprises, how to obtain the best solution still has many problems. The problem comes from the business aspect of things. How does it fit the purpose? What benefits can it bring? In addition, how much traffic can be processed around the blockchain? How will the government and regulators handle the traffic? And will it be run by the community or controlled by a single entity? These questions are indeed tricky, the following Conduct more in-depth research. Of course, the growth of the blockchain industry is not only based on the technology itself, because people also see the vigorous development of blockchain as a service provider, and they also hope to provide as many services as possible in this diverse and nascent industry. However, this still leaves people with an unresolved question: which provider’s blockchain technology should be used based on their products and fields, as well as their blockchain systems and potential.
Why use blockchain?
Before starting to adopt blockchain, one of the most important questions companies need to ask themselves is: “Why use blockchain?” This seems to be a basic question, but the explanation is much more complicated. Blockchain technology is diverse, but even within its wide range, some companies do not need to use blockchain for blockchain, this is the first step: need to determine to what extent the blockchain is The best solution to its business difficulties.
Assuming that the use cases of blockchain in the enterprise have been determined, then it is necessary to determine which blockchain solution is the best integration. Blockchain has begun to gain a foothold in business, especially for logistics companies. The use of powerful blockchain technology can significantly simplify the work of supply management, because in many enterprises, this is still a very primitive and flawed field.
By utilizing blockchain for supply management, its transparency allows full tracking. This also eliminates the involvement of intermediaries, which significantly improves the efficiency of supply chain transportation of goods. Digital identity is another aspect where companies and governments are studying blockchain technology. If blockchain technology can be used correctly to create digital identities, many people without bank accounts can use financial instruments, and even in election voting can reduce cheating and corruption and improve efficiency.
The healthcare sector is also very interested in blockchain and its digital identity commitment, because there are currently many problems with the way in which patient records are kept and shared. The privacy and transparency of blockchain technology can provide greater control for patients and medical practitioners. Another example is gaming vendors, who are beginning to realize that blockchain can be used to help their online asset store with cryptocurrency. Part of the game’s monetization comes from gamers buying digital weapons for their characters in “World of Warcraft” and even buying skins in “Fortress Night”.
Even if these industries and fields are likely to be affected by the disruptive nature of blockchain, there are still issues to be asked about regulation, scalability and decentralization. Since blockchain technology is still in its infancy in the mainstream field and deals with financial issues through cryptocurrencies, there has been much discussion around regulation. ·In general, regulation already involves blockchain technology, and is trying to find a place where it can be monitored but can promote prosperity.
Make the right choice
Obviously, how to adopt blockchain requires careful thinking and analysis. Companies need to ensure that they don’t waste time and effort to adopt the technology while achieving their goals. However, once this important step ends, it is to find a solution that can meet the business needs of the enterprise and how to seamlessly implement the technology.
IBM, Microsoft and AWS may all have blockchain services that they can use, but using this technology is a difficult task and integration process, so companies are usually worth the time to find a solution that better suits their needs.