I think over the Blockchain when it was the all-over-the-world hype around this topic.
At that moment I haven't got a lot of knowledge about this technology so I decided to learn more about it.
My first question was about why blockchain transforms so many industries and what future is predicted for this new tech.
The main features that I got from searching that question:
- This is an open source technology that enables reliable recording of ANY kind of information;
- It is nearly unhackable: blockchain uses a method of affirming the data stored in links of the “chain” with cryptographic methods.
The next question I had was about projects which need blockchain and not need. Of course, some businesspeople try to follow all trends but what industries are most suited for this tech?
The list of industries that are most suit for blockchain is the next:
- Legislation and Government
- Healthcare
- Energy Delivery
- Supply Chain
- Retail
- Real Estate
- Foods
- Travel and Tourism
Then I think how companies should understand if their project needs blockchain.
Searching and analyzing a huge amount of information I can make the next conclusions:
The answer is NO if:
- you consider the Blockchain option solely due to its popularity;
- you can simply use any traditional type of database in your project.
The answer is YES if:
- there is an obvious need in a shared database;
- there is a lack of trust between people who have the access to a database,
- you want to exclude the influence of intermediaries,
- the transactions require the highest level of security and reliability.
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