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Matching blockchain features to business requirements

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As you read through the list in the preceding section, you may have noticed how nicely each of the business requirements maps to the earlier blockchain features list. That correlation was intentional. You also likely thought of several business requirements that weren’t in the list. That’s okay. The point of the previous two lists was to show that some business requirements align well with blockchain features.

Table 2-2 combines the previous lists and shows how blockchain technology can solve some common issues that enterprises encounter.

TABLE 2-2 Business Requirements and Blockchain Features

Business Requirement Blockchain Feature
Controlling and recording transactions Blockchain excels in transferring value in untrusted environments.
Reducing or eliminating excessive cost By eliminating middlemen, blockchain can reduce overall, and incremental, transaction-processing costs.
Pursuing efficiency Blockchain increases direct interaction among transaction participants and automates many steps in transactions, decreasing settlement time and reducing inefficient waiting time.
Preserving artifacts for analysis Because existing blockchain data can't be changed, a historical transaction record is guaranteed.
Protecting availability through redundancy Each node of the blockchain network maintains a copy of the blockchain, so the failure of any node has no effect on the overall network’s capability to access blockchain data.
Exposing data without compromising privacy Blockchain technology promotes data transparency. Because all nodes maintain copies of the ledger, the data is available to any authorized user.
Blockchain Data Analytics For Dummies

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