One of the challenges of any new technology is the deceptive notion of “First Build it as a Solution and then the Problem will come”. It’s important that organizations are aware of this as they deliberate on potential applications of Blockchain technology within and across their respective industries. It is important to note that:
- Blockchain is not the same as Bitcoin. Unfortunately most people heard about Bitcoin first, long before they understood the technology that underpinned the distribution of this cryptocurrency.
- Blockchain is not another database solution. Blockchain only works where you have a business network. Otherwise a regular database solution may be more relevant.
- Blockchain is a distributed Leger system that promotes a shared business process among members of a business network. Blockchain fosters trust, transparency and accurate recording of transactions.
- Blockchain can be useful beyond digital currencies. For example, in supply chain, Blockchain can be useful for accurate tracking of inventory and assets, along with increased transparency on the flow of materials along the value chain.
- Although Blockchain technology is not yet fully mature and adopted across industries, it is here to stay!