Editor's note: Not every product, service or business logic is suitable for a blockchain based solution. The third Blockchain Blog is dedicated to the sense or nonsense of blockchain based solutions. Pascal presents applications from 10 different sectors, for which the blockchain technology proves to be particularly promising.
When you think about blockchain, the first thought that usually pops up is Bitcoin. I have also caught myself doing it. And I am in the blockchain space since 2014 and I have been involved in many different ventures. Of course, this inevitably raises the question of how laymen can think further than just Bitcoin and cryptocurrency speculation.
Well, that is the purpose of this blog post. First, you have to understand that blockchain is much more than just Bitcoin and cryptocurrency speculation. Why is this the case? Well in very simple terms, the blockchain is a decentralised database. A cryptocurrency is therefore only an additional feature of the blockchain. Every product or service that relies on a database in the background can be based on a blockchain per se. However, the question that naturally comes up here is always the following: “Is the benefit of the blockchain technology in line with our product or service offering?”
To address this question, every company must be well aware of the values of the blockchain:
- traceability, and
Once you grasp the basic understanding, you can think about whether there is a business rationale for a blockchain-based offering. You also have to realise that, depending on the use case, a blockchain-based solution may limit the flexibility for future product development. In general, I urge you to avoid the following mistake: Since many companies want to capitalise on the blockchain hype, they re-engineer their product to make it blockchain-compatible. This will fail in most cases!
The goal of this blog is to highlight 10 specific sectors with particular blockchain use cases that have concluded that the application of the blockchain technology is highly promising for their business activities. Since we are still in the fledgling stages, and we are far away from being able to describe the projects as suitable for mass deployment, it is not possible for me to provide a conclusive assessment of the success or failure of these projects. What I can say, however, is that it remains exciting and I would urge you to continue to follow the development!