To blockchain or not to blockchain?
Let's find out!
7 considerations for your company
Blockchain—the most hyped development in technology right now— is revolutionizing the way organizations think about validating data and executing transactions.
But is it a passing trend or a tool you could be capitalizing on?
Answer seven questions to identify whether a decentralized, public blockchain is something your company actually needs.
Do you need a
01
YES
shared public
database?
NO
No, I don't need a shared public database.
If you don’t want everyone on your network to have access to your transaction data, blockchain won’t be an attractive option.
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Yes, I do need a shared public database.
Blockchain is worth exploring if your data and ledger of transactions would benefit from being decentralized.
Do
multiple parties
need access?
02
No, multiple parties don't need access.
If you don’t need multiple miners cryptographically validating blocks of data, a database may suit you better and require much less effort.
A decentralized blockchain is a potentially good option to help eliminate the need for a middleman to process and log transactions.
Yes, multiple parties will need access.
Do parties have
conflicting interests?
03
No, parties don't have conflicting interests.
Blockchain may be an unnecessary safeguard. A distributed, highly available, secure database may be a better option.
Blockchain is designed to protect against such conflicts; everyone in the network has a copy of the blockchain, making it nearly impossible to corrupt the ledger.
Yes, parties do have conflicting interests.
Are all parties able to play by the
same rules?
04
No, not all parties are able to play by the same rules.
If each party can’t follow the same rules when writing data onto the blockchain, blockchain isn’t going to be right for you.
Block creation requires consensus, honesty and synchronization. Nodes or miners must be able to follow the same rules for validating blocks.
Yes, all parties are able to play by the same rules.
Do your transaction rules
change frequently?
05
No, our transaction rules do not change frequently.
Blockchain relies on a commitment using the same algorithmic processes—especially relevant in financial applications. If your rules don’t change frequently, blockchain might be a good option.
Blockchain will be difficult for you to use. The decentralized nature of blockchain means it’s all about stability and having each party play by the same rules.
Yes, our transaction rules do change frequently.
Do you need an
immutable log
06
of every action?
No, we do not need an immutable log of every action.
If you don’t need a timestamped log of events, blockchain is probably overkill; a database may suffice.
If having an incorruptible record of transactions—like payments between parties or details for an insurance claim settlement—is critical to your business, blockchain might be a good option.
Yes, we do need an immutable log of every action.
Can your transactions be
public?
07
No, our transactions cannot be public.
If your information can’t be public, options worth exploring include a distributed database with redundancies to ensure data is kept safe or a
private blockchain.
If you’re able to have your transactions be executed and validated publicly to a decentralized network of individual nodes, a public blockchain is the route for you to take.
Yes, our transactions can be public.
Dive deeper on all-things blockchain with Pluralsight author Stephen Haunts .
Still not ready to pull the trigger?
here
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