The modern technology has slowly found itself creeping into the world of business, and blockchain for business has been getting even more popular today than yesterday.
Now that blockchain has become one of the most popular technologies that companies use, there is one question that should be asked by every business owner: should your company incorporate blockchain in its network?
Follow us as we help you find the answer to this increasingly popular question.
How blockchain becomes as popular as it is today
Blockchain is a concept that has been there for a while, but it is only several years ago that it starts to find its way to the business world. It is popular because of many reasons, including but not limited to: being more decentralized, being more secure, and being more immutable.
Those three reasons alone should be enough why a certain company wants to incorporate blockchain into their network. A company, after all, should always be on the move to secure their information while also providing an easier method for its employees to access the information within their network.
Should you try incorporation blockchain for your business?
Before you can find an answer to those questions, you need to ask several other questions beforehand. The first question involves how old your business is, the second about what kind of system you have already applied for your business, and the third about how transaction that your business is doing/hoping to do in each day. All of the three questions work together to determine whether your business requires a blockchain or not.
Let us start with the first question: how old your business is. If your business is still fledgeling, then perhaps you can try incorporating blockchain because you would not be facing any transition problem when you are moving away from the old system into the new one. On the other hand, if your business has already existed for a while, there is a high chance that you already have a working system in place. You need to consider how effective that system is for you and whether your business can thrive under that new system or not.
Which brings us to the second question: the system that you already implement for your business. There is an old adage that says “if it works, don’t fix it” and that old adage applies perfectly well for this blockchain dilemma. If you have an already working system and you feel like changing from one system to another would only lead to further problems and costs, then you have to stick to your old system and incrementally develop it to ensure that it can stand the test of time. There is no point in transitioning into another system if it would not be cost effective or if it would take a lot of your time and power.
Lastly, the amount of transaction you are hoping to conduct in each day. If you are hoping to handle many transactions in each business day, then you are better off using a client-server system instead of a blockchain. Client-server system – though flawed – handles a large amount of transaction better than blockchain system could. There is no hurdle whatsoever between the server and the client, hence increasing the speed of the transaction.
Those three are all the things that you need to take into consideration before you transition/use blockchain for your company. While blockchain is a proven system that undeniably works well, the system itself is still relatively new. Those who use a blockchain system is basically working in the dark thanks to the many unexplored areas found within the world of blockchain. However, it should not be something that dissuades you from using blockchain for business because the system itself is a proven system that has been able to widen the gap between a company’s profit and cost.