Business

Reasons why Blockchain Technology might not fit well for a business

Blockchain is not fit to your business

There are many a time when we get confused about whether we require a particular tool or strategy to run a business properly or not. Recently a number of strategies and tools have come up that help in optimizing the business processes so that a business can run in a proper and successful manner. Among all such methods, the implementation of blockchain solutions has recently developed as a concept. However, they have been creating havoc in terms of their efficiency and in helping corporate organizations to take their business to a higher level. This is also incorporated in several Information Technologies based Organizations where Information Technology based Specialists have been dealing with such means. This is also used in retail sectors and other work areas.

The three problems that one has to face if one wants to apply blockchain technology is that of security speed issues, of decentralized options, and that of scalability options. One of the biggest threats discovered so far is that it can be easily hacked by people and hence it is not at all a safe means. It is not a censored form and it can be blocked or hacked at any time. It is very much expensive even. This takes the expense level of the company even further.

However, there are certain times when blockchain solutions are not required or are not recommended for the business just to understand the financial revenues or other business areas of the business. We need to understand the assessment metrics or the conditions under which we might need blockchain solutions or when we do not need blockchain Solutions.  Blockchain technology has mainly been introduced into the business sectors to access the financial areas (of viability or crunch) that are going on within a particular business. However, at the same time, it is very important to note that blockchain technology is an entirely new concept and hence it requires a proper platform so that it can progress further. It even requires the help of countries, companies, or local government to support it in its ventures and incorporations in order to grow.

However, this technology or this app has it’s positive as well as negative sides just like anything else. There are many countries as well as many governments that have strongly supported the use of blockchain technology in business in order to access the service areas or the positioning of the products or to get an idea about the financial funds available or not available within a company. One such example is that of the Government of Italy. They have strongly proposed means so that blockchain technology can be used in business to access every company using this technology and also to understand its financial reaches.

 Recently, they had incorporated more than thirty block-chain experts, in several firms, in order to stabilize things in business. However there are many other companies or many other governments which refrain from using blockchain technology. This is not at all required for such companies, they say. This is not just for information technology based companies but for other sectors as well. For example, the users on the blockchain technology can constantly track over how much business funds are available or how the businesses are proceeding.  However at the same time, the overall process is quite expensive. This sort of monitoring can be done by other means also.

Just like internet of Technology, blockchain technology is also a newly developed concept and a product or service, whenever something enters a market, it is highly expensive.  So just like everything else, blockchain technology is equally expensive approach and it is not possible to curtail of the expenses of a company to afford this sort of technology just to keep track of the financing areas, the overall expenditure of that company.

So this is not as useful for a company as it should be for companies that are trying to skip this. As a means block chain technology is also associated with being quite unsafe and whether they are accessible and affordable or not. There are a number of suppositions as well as a number of arguments. In this regard, it should be further researched whether blockchain should really be used or not.

In terms of small scale and large scale units, it has been seen that most of the companies which operate on a huge level, ie on a large scale level, use this kind of Technology. On the other hand, companies that do not work on a high level and have very little profit do not want to introduce such a form of technology.  They do not want take their expenses to the next level. Apart from that, blockchain technology is used so that it can be used for the benefit of the company.

So it is really very important to check whether blockchain technology can be of any use to that particular company or not and whether the kind of information that is being stored are safely preserved or not. It depends on the criteria whether a person should use blockchain technology or not. In certain countries, blockchain technology has been used as a positive aspect and many other countries blockchain technology is not strongly supported. It depends from company to company as well as from country to country on how this form of tool is used and accepted by the people as well as by the market.

So there are a number of conditions upon which the techno.ogy of blockchain depends. First of all, we need to check whether the company where this form of tool or technology is going to get incorporated into, really requires this or not. After this, we need to check whether it is safe ort not and whether it takes the expenditure level above or not. We should also be able to judge whether adopting a decentralized form of blockchain model can help our business by anyway.

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