Comprehending the situations as when to use Blockchain.
Introduction
The Blockchain technology is highly revolutionary in nature as it is already self-evident from the current statistics. It is estimated that the blockchain technology is being tried and tested on the various other techniques as well as nontechnical domain, in order to eliminate all the all kinds of intermediaries or third parties which are required to run the system. For instance, the blockchain technology is effectively being tested in order to conduct elections in a fair manner. In fact, some of the countries have even successfully conducted elections using the blockchain technology. Let us see when to use Blockchain Technology?
When to use Blockchain?
Blockchain has opened up opportunities for businesses in many ways. It has enabled the entrepreneurs to come forward with their innovative ideas and with the blockchain based Initial Coin Offerings they would be enabled to raise huge amounts of funds in an unbiased manner throughout the world. There is no specific time that needs to be followed if one asks when to use blockchain for businesses? The cryptocurrency and blockchain Technology is open for each and every individual at any point of time for their service.
When to use Blockchain? When the business company needs a third party
The users or business corporations can effectively use the Blockchain technology, in order to incentivize their business operations and optimize the efficiency of the output. The business companies may use the blockchain technology in the areas of the domain within their operations which require any third party intermediaries in order to undertake a process. as the Blockchain Technology was inherently designed to remove all the third party intermediaries within the system.
When to use Blockchain? When the organization lacks trust
When to use blockchain for businesses? The business operations of a company can use the blockchain technology within their working paradigm when they realize that there is a lack of Trust within their ecosystem which needs to be worked on or concentrated upon. The blockchain for business businesses was also designed in order to reduce the trust gap between citizens of this generation.
When to use Blockchain? When Database is involved
The business organizations can also incorporate the Blockchain Technology instead of the traditional Relational Database Management System. One must keep in mind that Blockchain technology is nothing but a combination of the distributed ledger as well as amazing Consensus mechanisms. The Distributed Ledger can store the information that the business corporation needs to store in a highly secure manner and the Consensus algorithms could be incorporated by the business corporations in order to keep track of the authenticity of the information on the blockchain, even though the ledger would be distributed among all the individuals of the company.
When to use Blockchain? It depends on the situation
Blockchain for businesses is the dead opposite when compared to the traditional cryptocurrencies. In case of Bitcoin, for example, anonymity is the highest priority where all the transactions are connecting to strings of alphanumeric characters but when it comes to the businesses the accounts are most often verified by the KYC and AML procedures, which is nothing but the complete revelation of the identity. Hence if the business needs to incorporate the Blockchain Technology for the financial transactions, then the speed, reliability, as well as the lesser transaction fees are the attributes which would be dominating. But if the business corporation needs to incorporate the Blockchain technology for the storage of information or database in a highly secured manner then its consensus algorithms and Distributed Ledger nature would be highly useful.
When to use Blockchain? When security is crucial
The Blockchain for businesses is any secure as well as a profitable option as the company would also be saving huge amounts of funds, which they would otherwise be spending, in order to incorporate security into their relational database management systems. When to use blockchain Technology? when security is the at most priority for the data, as the Blockchain Technology proves to highly fault tolerant when it comes to data management.
Closing thoughts
It is also said that the Blockchain technology would be prevailing in the industry forever even if the cryptocurrencies fall. The Blockchain technology is being tested and also dedicated Research and Development Arena has been developed by the governments of various Countries, in order to explore the Blockchain potentials in the other unexplored real-world domains. This is precisely being done in order to effectively solve the practical issues of the society.
