These days, lots of companies are implementing the with the hope of discovering opportunities to create differences in their regular business process. Unfortunately, a lot of these implementations never get past of the production stage. While the technology comes with lots of potential enough to attract business leaders, there’s a significant gap between that hype and market reality. If you too are thinking of implementing blockchain technology, here’re nine of the most common blockchain mistakes and ways to avoid them.
Table of Contents
- Considering it as a complete application
- Considering it as a pure storage mechanism
- Assuming it as a permanently dominant technology
- Assuming the smart contract technology is mature
- Assuming the presence of interoperability standards
- Overlooking the governance issues
- Confusing the future with the present-day scenario
- Ignoring the importance of a learning process
- Overlooking the actual purpose
- Conclusion
Considering it as a complete application
Considering it as a pure storage mechanism
Blockchain was designed to offer an immutable, trusted, and authoritative record of events triggered by a collection of untrusted parties. In its present form, blockchain technology doesn’t come with the key features of a traditional database management technology. So, you should review your data management requirements of the blockchain project and implement a traditional data management solution when required.
Assuming it as a permanently dominant technology
Businesses often assume that blockchain will always remain a dominant technology, which isn’t true. It’s evolving constantly in both application and technology and thus, it’s important to consider it as a short-term option to attain a business solution.
Assuming the smart contract technology is mature
Business leaders sometimes assume that smart contracts are fully matured, which they aren’t. They may demonstrate the most powerful aspect of the blockchain, but conceptually they’re software scripts. So, instead of planning for full adoption, you should run small experiments first. This experimental approach is similar to how players approach the Plinko game, where they test different strategies and experiment with timing before fully committing, learning from each drop before aiming for the big win.
Assuming the presence of interoperability standards
While some vendors of blockchain platforms may try to promote interoperability standards, it’s difficult to envision when most platforms are still being developed or designed. So, it’d be wise to consider the discussions about interoperability as a marketing strategy as it may not be able to necessarily deliver the benefits you’re looking for.
Overlooking the governance issues
Blockchain may seem a less expensive option than others, but it raises lots of questions regarding governance issues. As it’s still in the nascent stage, it may not be possible to predict all possible scenarios and thus, it’s recommended to plan thoroughly and look at it as a short-term option.
Confusing the future with the present-day scenario
It’s crucial to ensure that your plan for blockchain implementation with its evolving capabilities. It’s still limited in scope and you shouldn’t consider it as a way to deal with a global scale platform economy.
Ignoring the importance of a learning process
As with all other technologies, blockchain also comes with a learning curve which is often overlooked by businesses. It’d be wise to take a hands-on approach to the blockchain projects to make the implementation successful.
Overlooking the actual purpose
You shouldn’t take on a blockchain project as it’s trending. Instead, you should review the core intentions of it to get the most out of it.
Conclusion
If you’re at the verge of implementing a blockchain project, keep in mind the above rules and you should be able to sail through effortlessly.