There are few technologies with as much potential to revolutionize how organizations conduct business as blockchain. The ability to utilize distributed ledger technology to promote disintermediation, reduce costs, speed transactions, build trust among partners, and tamp down on potential fraud offers substantial appeal to business leaders, board members, and technology executives around the globe.
However, a healthy dose of caveat emptor is required as your organization embarks on its initial forays into blockchain. Yes, it’s incredibly exciting, but it’s also incredibly over-hyped. While nearly every organization can benefit from blockchain adoption in some way, not every application or business process makes sense for blockchain. In fact, even organizations that have successfully adopted blockchain and seen impressive results acknowledge that a blockchain implementation can be complex and cumbersome to roll out.
In other words, “your mileage may vary.”
What you and your organization will discover–if you haven’t already–is that your success with blockchain is heavily dependent upon which use case you decide upon as your initial deployment. Picking the right use case will probably be the most important factor in determining how much business value blockchain delivers–or if it delivers any value at all.