What Problem Does Blockchain Technology Solve

What Problem Does Blockchain Technology Solve

December 3, 2018 Off By Sydney Ifergan

Enterprises are getting increasingly interested in the blockchain technology.  Most of them are working on the fear of missing out.  They are not willing to miss the opportunity that their competitors are using to win over. 

So, corporates and research teams are discussing blockchain.  There is something about blockchain going on in every major and minor enterprise.  More and more disciplines are trying to understand what an interdisciplinary approach can do for each of their industry.

The technology is yet to be understood by many in several areas.  Individual disciplines need to overcome their fear and apprehension about blockchain technology.  This is important to start their venture with blockchain integration as applicable.

When it comes to adoption, just like companies had to have their employees to own their device to adopt the cloud, there will be some foundational changes to be made when embracing the blockchain technology.

Tough decisions will have to be made.  And long debates are on the dice.  The technology is very nascent, and no amount of discussion seems to help.  Regardless, whether the adoption will be immediate or in the long run, it is essential for everyone in the organization to develop a basic understanding of the blockchain technology and the distributed ledger technology.

Companies are talking blockchain for the sake of it, and some of them are seriously posing themselves as being up-to-date with the ongoing technology.  However, with blockchain being discussed everywhere, no one seems to get an idea of what is the problem that blockchain is set to solve.

Almost every supplier in the supply chain do talk something about blockchain in their website.  Irrespective of whether they mean it or know it.  They have a standard write up just in case some of their clients are looking to work with someone who talks blockchain. With all this happening someone famously stated making use of the blockchain technology to order pizza a sound like a sophisticated approach, but it is not justice done to the incredible technology.

Something nice about this technology is that the chronology of events cannot be changed at all.  The transparency of facts can be sustained due to the immutability of the records.  With the whole network being decentralized, there is no single point of failure.

Just like any other thing, it is not going to be easy for companies to be able to see immediate results.  They need to pass the application through trial and error events before it can be entirely formed.  Sure, there is a lot of hype.  However, it is worth embracing the technology for the usefulness is definitely worth the try.

Doing everything from scratch can be painful.  Perhaps collaborating with companies like XinFin who use XDC protocol to develop blockchain-based applications for enterprises can help.

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