Being able to track data is increasingly important for today's industries. For example, if car manufacturers can’t communicate with their partners in real time, they will struggle to ship cars faster and more cost-effectively. Airlines will not be able to give their passengers the best itineraries at the best price if they don’t have access to the latest information on sales channels and available seats. And coffee providers can’t view the source of their beans and communicate with sellers without accurate supply chain tracking.
Problems across data silos, real-time partner communication and supply chain tracking are just a few examples of where organizations struggle to manage and interpret the ever-increasing volume of data needed to run a business effectively.
On paper, blockchain appears to be the perfect solution to these data problems. In fact, a recent survey from Deloitte found that 86% of executives believe there’s huge business potential in blockchain technology. The perceived value of blockchain comes from its ability to share data quickly and securely in a decentralized manner. And while the promise of blockchain for businesses is exhilarating, the implementation is excruciating. Companies that turn to traditional blockchain solutions quickly face a whole new set of problems across integration, scalability and overall performance. Here are the top three reasons why I think blockchain is not necessarily the solution for all businesses looking to streamline data.
The technologies don’t align.
Enterprise blockchain applications require integration with other enterprise systems to work. This means that legacy systems, applications and data sets need to integrate seamlessly, which is a big problem if you and your partners are using different providers. If the tech stacks don’t perfectly align, the technology’s consistency, user experience and overall performance are severely limited. This creates an entirely new set of silos and data problems. That means that if your business uses AWS and your partner uses Azure, it will be impossible to exchange data and communications across the blockchain solution. That then puts you in the very difficult position of trying to convince your partners, which are often many, to change cloud providers.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/05/is-blockchain-the-solution-for-your-businesss-data-needs/?sh=273db2b15b6d
Problems across data silos, real-time partner communication and supply chain tracking are just a few examples of where organizations struggle to manage and interpret the ever-increasing volume of data needed to run a business effectively.
On paper, blockchain appears to be the perfect solution to these data problems. In fact, a recent survey from Deloitte found that 86% of executives believe there’s huge business potential in blockchain technology. The perceived value of blockchain comes from its ability to share data quickly and securely in a decentralized manner. And while the promise of blockchain for businesses is exhilarating, the implementation is excruciating. Companies that turn to traditional blockchain solutions quickly face a whole new set of problems across integration, scalability and overall performance. Here are the top three reasons why I think blockchain is not necessarily the solution for all businesses looking to streamline data.
The technologies don’t align.
Enterprise blockchain applications require integration with other enterprise systems to work. This means that legacy systems, applications and data sets need to integrate seamlessly, which is a big problem if you and your partners are using different providers. If the tech stacks don’t perfectly align, the technology’s consistency, user experience and overall performance are severely limited. This creates an entirely new set of silos and data problems. That means that if your business uses AWS and your partner uses Azure, it will be impossible to exchange data and communications across the blockchain solution. That then puts you in the very difficult position of trying to convince your partners, which are often many, to change cloud providers.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/05/is-blockchain-the-solution-for-your-businesss-data-needs/?sh=273db2b15b6d
