The way we think about blockchain technology is holding us back. There are two clashing ideas: one that claims blockchain will fix everything and another that ascertains it can’t do anything. The reality is somewhere in between.
It’s not going to fix everything – but it’s definitely going to help
Blockchain isn’t a ‘fix-all’ solution – it’s designed to back smart solutions. For example, Blockhead Technologies has created STAMP Fuel & Supply – both blockchain-backed solutions, but fundamentally, they intake, organize and track data.
While blockchain technology ensures that the data is transparent, secure and traceable, it acts only as an assistant to the main software. As per Forbes, “It’s important to remember that blockchain is just one component in the bigger system you are building.”
Blockchain forms a part of a whole.
However, its potential is both immeasurable and incredible. Blockchain will ensure security, traceability and bring overall trust into our software solutions. It provides the promise of transparency that has been lacking in previous data solutions.
Do we really need blockchain?
If, when considering blockchain, you think ‘Well, we don’t need a cryptocurrency, so there’s no point,’ then you’re not thinking about blockchain the right way. Blockchain goes much further than crypto and is, at its centre, an incredibly productive and secure way of managing data.
This is where blockchain technology’s primary purpose lies – in protecting and recording data in an easy-to-read and auditable manner. It facilitates other processes, and ultimately makes your life a whole lot easier. But, fundamentally, it cannot act as a solitary solution – and it will always require a framework for which it can act as a backer.
Blockhead Technologies has created the STAMP Suite: STAMP Supply reliably tracks your supply chain data, while STAMP Fuel centralises, visualises and identifies anomalies in your fuel data. Both of these platforms are backed by blockchain (with the option to not use blockchain if it’s not the right time for your company) and they act as low-cost efficient solutions for your data problems.
We don’t need to let the way we think about blockchain hold us back. Blockchain technology could provide massive time and cost savings, without even disrupting your pre-existing company processes.