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Finding a good fit

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The first step in successfully implementing blockchain technology in any environment is finding a good-fit use case. It doesn’t make any sense to jump into blockchain just because it’s new and cool. It has to make sense for you and your organization. That statement sounds obvious, but you’d be surprised how many organizations want to chase the shiny object that is blockchain.

Blockchain has many benefits, but three of the most common are data transparency, process disintermediation (removing middlemen), and persistent transaction history. The best-fit use cases for blockchain generally focus on one of these benefits. If you have to look hard at how blockchain technology can meet the needs of your organization, it may be best to wait until there is a clear need.

I find that the most successful blockchain implementations are those that start with clear goals that align with blockchain. For example, suppose a seafood supplier wants to be able to trace its seafood back to the source to determine if it were caught or harvested in the wild using humane and sustainable methods. A blockchain app would make it possible to manage seafood from the point of collection all the way to the consumer’s purchase. Any participant along the way, including the consumer, can scan a tag on the seafood and find out when and where it was originally caught.

To increase the probability of a successful blockchain project, start with a clear description of how the technology aligns with project goals. Trying to fit blockchain to an ill-suited use case leads to frustration and ultimate failure.

Blockchain Data Analytics For Dummies

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