Is Blockchain the right concept and technology for your company? Find out with our short test.
Technological progress and thus facilitated working in networks may result in challenges for private companies and the public administration.
In addition to customer requirements, increasing cost pressure is an important factor that influences company decisions. Setting up processes in a highly scalable way can improve efficiency. In many industries, a significant number of processes are still performed manually, which leads to intense resource consumption. Depending on your type of business, it can thus be of value to investigate whether applying the Blockchain concept and technology to future-proof your business in an efficient way is an option!
Blockchain technology is about to trigger a huge, self-reinforcing wave of innovation. Starting with the optimization or redefinition of processes and IT infrastructures, blockchain technology even has the potential to break down existing economic structures and create the prerequisites for decentralized business models.
The blockchain is basically a distributed register (Distributed Ledger) for transactions between parties, which transparently records every change. The most important feature that makes a blockchain so secure, and potentially makes the client-server principle of centrally operating platforms and companies superfluous, is the distribution of information to several recipients via a uniform interface.
For the first time in the history of information technology, the blockchain combines the highest document stability with the highest transferability of data. In addition, with this technology, trust in a central provider is not required. Trust is distributed across the network of users. This fact also allows existing IT applications to be improved. Application cases that were previously difficult or impossible to solve with classic IT data models are now possible.
Challenges
Before blockchain technology can be used, several challenges must be overcome. The four most important are:
- Cost-benefit analysis: The speed, efficiency and quality of transaction processing may increase, but this does not necessarily lead to an increase in profitability, as the development, implementation and integration of blockchain technology into an existing IT landscape is costly.
- Common property problem: If the blockchain is to be made available to banks as common property, it must be clarified who will bear which share of the costs. Research into the commercial use of technology is currently still at an early stage.
- Legal issues: Who assumes responsibility in the event of an error in the code and how is responsibility regulated in the event of an error in a blockchain with completely anonymous payment transactions?
- Monitoring: A distributed network also requires a central organizational unit that is responsible for setting standards and complying with rules (see: Morgan Stanley Research, Banking on the Blockchain, 2016).
Our test gives a fast and concise overview as to whether the blockchain represents a viable alternative to your current IT solution as a distributed ledger. With the integration of individual industry data from a study by Prof. Garrick Hileman of Cambridge University, an industry-specific evaluation is possible for each use case. After filling in the form, you will receive your individual results by e-mail within a few minutes.
