How to Avoid Failure When Adopting Blockchain Technology?

How to Avoid Failure When Adopting Blockchain Technology?

What is blockchain tech and is it worth the hype?

1. What business problem do you want to solve with blockchain?

  • The use of shared databases
  • Databases with multiple writers
  • Databases with multiple non-trusting writers
  • Interaction between the transactions created by these writers
  • Transactions that can be created collaboratively by multiple writers
  • Authoritative final transaction log

2. Are you ready to involve third parties when it comes to sharing control over your network?

3. Do you understand blockchain’s weak points?

  • Signature verification to provide security in a peer-to-peer fashion. Such verification is complex and time-consuming.
  • Consensus mechanisms to ensure that nodes in the network reach unity.
  • The general computation in all nodes, as transactions must be processed independently by every node in the blockchain network. For comparison, centralised database transactions are processed just once or twice.

4. Finally, do you have all the resources you need?

https://www.linkedin.com/in/bhaviklimbani/
https://www.linkedin.com/in/bhaviklimbani/

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Entrepreneur

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Bhavik

Bhavik

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