While we are quick to laud the benefits of blockchain in business, it probably won’t solve all of our problems. In fact, blockchain technology is ideal for tackling individual problems; however, it is impossible for it to function as a ‘fix all’ solution.
The potential of blockchain
There are a myriad of problems that blockchain can solve. In fact, there are so many use cases for blockchain that it might seem intimidating to some. You might want to implement blockchain technology in your business, but you’re not actually sure how – or why.
The key to bringing blockchain into your business is this: it needs a purpose.
The technology is versatile, but it needs a problem to ‘solve’. It excels when there is a demand for:
- Trust
- Reliability
- Permanence
If you need to know that your data is trustworthy and accessible, blockchain is a good option to consider.
So, what’s the problem?
Examples of use cases that blockchain is well-suited for include:
- Food and wine tracking
- Recycling/circular life cycles
- Secure data storage
And there are many more. Blockchain technology is also not suited to just any business. Your company should not implement blockchain because you fear missing out. However, there are few companies that could not benefit from blockchain at all.
The hype surrounding blockchain has driven people to fear losing out, without first considering their business use case.
So, first, ask yourself: what’s the problem? What is your company trying to solve? If it involves tracking, data storage, or recording and requires trust, blockchain could be the perfect solution.
Blockchain is also a valuable way of saving costs and time in the long run. If your current processes require intermediaries, blockchain can replace them as it provides a single source of truth. It can also streamline auditing by providing a immutable record of company processes.
As with any software, however, there are some situations that simply do not require blockchain. These problems can be solved with more traditional solutions.
At Blockhead, we have three primary platforms: STAMP Fuel™, STAMP Stream™ and STAMP Supply™. Each targets a different area: fuel usage, precious metals data, and supply chain management. One – or all – are fit for a variety of different business structures.
The best part? Our software is ‘blockchain-enabled,’ meaning that even if your company does not require blockchain, STAMP could work for you.
To find out more about STAMP, click here.