Blockchain has been one of the tech buzz words of 2017 and at first glance, looks like it can be applied everywhere and has a use case for everything!
We should be very careful before getting carried away by the hype, hence the aim of this article, to find out when should you consider implementing a blockchain solution and when should you not even think about it.
You should use a Blockchain solution if…
- You want a decentralized system and a shared common database
- There is value in having an immutable and objective transaction history (e.g. audit)
- The business process and its rules are clear, transparent and are not expected to change frequently
- Multiple parties (including trusted ones, such as notary, escrow services, licensing authorities) with conflicting incentives are involved
Courtesy of “edX: Blockchain for Business – An Introduction to Hyperledger Technologies”
And not use it when…
- The process rules change very often
- Trust and validation are not an issue
- You do not need a decentralized system and data confidentiality is critical
- The process involves significant volumes of static data to be stored ( Storing large volume of data will be expensive)
Courtesy of http://blog.ippon.tech