A recent survey of 200 business leaders by SAP finds while 92 percent view blockchain as an opportunity, only three percent actually have blockchain in production. The two most promising applications seen for blockchain include supply chain management and legal/regulatory oversight. Despite strong interest in adopting blockchain, business leaders have “significant questions and confusion about whether blockchain would actually address their business needs and had serious concerns about security, immutability and when to use a private or public blockchain.”
Because of such and many other reasons, there seems to be a need for objective and practical guidance in cutting through the hype alongside, identifying the areas where blockchain can truly add value to companies. So before diving into a blockchain platform, ask the following questions of your enterprise:
- Are you trying to remove intermediaries or brokers?
- Are you working with digital assets (versus physical assets)?
- Can a permanent record be created for the digital asset in question?
- Is a permanent record desirable?
- Do you require high performance, millisecond transactions?
- Do you intend to store large amounts of non-transactional data?
- Do you need to rely on a trusted party?
- Are you managing contractual relationships or value exchange?