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How to Avoid Blockchain Hazards and Realize It’s True Value in Your Business


Mar 19, 2018 Posted /  686 Views


How to Avoid Blockchain Hazards and Realize It’s True Value in Your Business

Why Blockchain Adoption in businesses is unavoidable

We are moving towards a period where blockchain is becoming a necessity for every business entity. With the improvement in technologies and the further development of the internet, blockchain is going to be the main driving force towards a next generation of global development. With unlimited ranges of application and a better solution to almost each of such applications, blockchain will become an unstoppable force for development.

However, it can be noticed that the current level adoption of blockchain within businesses is rather too slow than necessary for blockchain to unleash its full potentials. Many business leaders are still unaware of the event taking place within the blockchain industry. According to a survey which involved more than 200 board level executives, it was revealed that more than 40% of non-IT/data senior executives admit to not having any clue on blockchain technology.

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The unwillingness of business leaders to understand blockchain results in very catastrophic outcome among which include. Inaction, basing solely on the fact that that the technology is a fad due to relating blockchain directly to only bitcoin and cryptocurrency. Blockchain adoption is more common among young people than the old managers. According to a survey done by the bank of Canada, bitcoin awareness is lowered among older age groups compared to younger people. Worst still some companies do not devote enough time and resources to understand blockchain. They jump to adopt the technology because of bandwagon.

Avoiding the problems associated with Blockchain

Just like any emerging technologies blockchain requires fine tuning to enable it to become more secure and user friendly. Even though blockchain application has met very few security threats over the years, major heist has already taken place causing losses worth hundreds of millions of dollars. This scares away potential blockchain adopters fearing blockchain would do them more harm than good.

To normalize blockchain application and make it more safe and secure, some prevailing factors must be addressed basically in explaining clearly what blockchain is and is not. Many businesses equate cryptocurrencies to blockchain forgetting that blockchain extend far beyond just cryptocurrencies. The development in the cloud computing, big data handling and machine learning is in some way being confused with blockchain technology. Blockchain is a platform where these technologies can be deployed.

However, many firms think blockchain is a magic pill that can help rejuvenate a dying organization, this too is not true. Blockchain is a method which should be applied with caution while following the initially designed business model. When deployed well blockchain can safe a business more than 30 percent in operating cost.

Thinking Correctly about Blockchain

Think of blockchain as a shared, distributed database with permanent entries and some programmatic methods to automate simple operations and functions. Blockchain provides transparency of the same level to everyone with access to the ledger. Business applications can be built around this blockchain facts.

Blockchain become more relevant with more participants, for blockchain to be more effective several parties must reach a consensus to join forces and agree on a set rules. This is only possible if all of the parties are in the same line of business.


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Tags: blockchain Blockchain Hazards adoption of blockchain

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