Blockchain technology has global spending of $2.7 billion, and 29% of the companies in the manufacture and consumer products sectors have adopted the use of blockchain at present, says Statista.
The recent era is witnessing a furious race among the companies to adopt the cutting-edge technologies in their businesses, blockchain technology being one of the most sought-after ones.
But before setting up the targets to apply blockchain in the businesses, the companies should stop, think about the common mistakes that the newbies in the domain of blockchain frequently make, learn from them and then make further proceedings only if the fate of the company is sure to witness further dawns of success with the blockchain adoption.
This article aims at mentioning the top 4 blockchain mistakes which companies commonly make.
Beyond the Sky Expectations
Indeed, blockchain technology is among the top technologies that are eyed upon for remarkable futuristic scopes.
But, let’s face it, blockchain is yet an emerging technology, and the real cases are yet to be determined. Too much expectation from relatively new technology can cause huge disappointments. The businesses need to consider the limitations and yet-to-be-developed user cases and implementable sectors.
Implementing on a Large Scale
Some of the businesses might make a blunder of implementing the technology in all business areas, and land up into inviting huge losses and bad impact on the company.
Instead, the companies should initiate the implementation of blockchain technology in smaller sectors of the company, and should develop their case studies. This will help the business observe what is good and what is harmful to the company and realize what are the areas that will be most benefited from the application of blockchain and at the same time, point out where the application can lead to hazards.
Misinterpreting the Reason for Blockchain Implementation
Blockchain technology is used for storing data on platforms through decentralized ledger technology, commonly known as DLT. It should be noted that DLT is a part of blockchain technology and not the entire technology as a whole. This is the sensitive area that houses most of the misinterpretation and confusion regarding the utility and working of blockchain technology.
The adaptation of blockchain technology into businesses is a remarkable transformation, only if the purpose, domain, and utility of blockchain technology are properly known by the company. Also, the least considered but the most important question that essentially needs to be asked before any proceedings of blockchain projects is whether the organization demands the application of blockchain technology or not.
Chaining Down the Technology’s Potential
The blockchain is simply related to being a ledger, gives the vibes that the blockchain technology is just another storage mechanism. This is definitively a limiting belief and thinking that can chain down the enormous applications of blockchain technology. The future of blockchain is sure to hold much more than just being called a ledger.
There are still humongous utilities and applications of blockchain, that are yet to be unveiled. Many of the companies are turning towards housing blockchain and have set up teams to explore the technology and its undiscovered usages.