Should we use a blockchain?
During our technical consulting work, we sometimes encounter customers that have a great idea for a project, but are not sure which solution to use. Should this project be built upon a blockchain technology? And in this case, which type? To find a solution, we mostly try to answer the same questions, in order to have a more specific ideas of the requirements of the project.
The first two questions are based on the core functional needs of the project. If it aims to replace a trusted third party, or to digitally transfer value, we are in the core features of blockchain technologies, so they might apply here. Otherwise, we’re better of with standard digital solutions, which will most likely be simpler and cheaper.
The other questions are there to specify the features of the project, which will help us identify whether the project requires a public blockchain, a consortium blockchain, or if the requirements are not enough to justify the use of a blockchain project (in which case we will still be able to realize the project through standard digital applications). The requirements we identified are most of the time transparency and interoperability, in which case a public blockchain is the preferred solution. If we need to share the governance of the project, we can use a public blockchain, or might prefer a consortium one, but we need to clearly identify the governance rules, as we might be able to answer this without blockchain technologies in some cases.
We hope that this will help you in better understanding the capacities of blockchain technologies, and whether you need to use it or not. In any case, feel free to reach out to us if you have further questions on the matter, we’ll be glad to help.Contact us