When do you need a Blockchain?

  1. Is there any real use of blockchain in a production environment?
  2. Isn’t blockchain a solution which is trying to find out problems?
  3. Isn’t it just a fancy name of a traditional database with a lot of inbuilt inefficiencies?
  4. What is the potential of blockchain? 80% time this question comes from the context of creating new jobs?
  5. What are the few good use cases that people are working on?
  • The success stories around Bitcoin, Ethereum, Litecoin, NEO, and many other cryptocurrencies which promise to help in different ways
  • The renewed concept of Smart Contract and its possibility, when combined with AI and IoT, makes you impatient
  • The companies including IBM, Microsoft, JP Morgan Chase, Wells Fargo, etc are either creating platforms or consortiums or just using the blockchain to save cost and improve efficiency
  • The cities/states like Cook County, Dubai, etc, are using blockchain to solve problems, save money, and change the way data is stored and exchanged
  • The governments around the world giving more attention to blockchain than any other technology might have received.
  • And the companies like Walking Tree, ConsenSys, Blockchain Training Alliance, etc. enabling people to use Blockchain effectively
  • What is blockchain anyways?
  • Do I really need a blockchain?
  • If yes, when?
  • What will happen if I don’t adopt this?

Do I really need a blockchain?

  • Either barter or
  • Sell their grains to someone who has cash (and in that local context, this guy was minting money) and then use that cash to buy what they need

Isn’t cryptocurrency a small part of the blockchain

Blockchain is not All or None solution

So what? Why do I need this anyway?

Still not sure?

What will happen if I don’t adopt Blockchain?

  1. Does my use case require an immutable data?
  2. Do I have a security vulnerability, which can be solved through certain strong cryptography based solutions?
  3. Will publicly auditable and a single source of truth make my use case more efficient?

Summary

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