HOW TO KNOW IF YOUR BUSINESS NEEDS BLOCKCHAIN?

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How To Know If Your Business Needs Blockchain?
Small and medium-sized businesses are facing so
many challenges in todays competitive business
environment. Although these businesses are
considered as the backbone of the economy and
integral GDP growth, they often face high rifts
to entry and lower insulation that might not
have experienced by big players in the
market. Recently the emergence of blockchain
technology that runs transactions through a
decentralized electronic ledger is making waves.
No wonder, businesses of all sizes are trying
desperately to surf this wave. After all, who is
not interested in availing the benefit of data
protection and an added layer of security? If you
are also equally amazed and thinking about the
feasibility of blockchain technology in your
business, then wait a bit. In this blog, we will
be exploring if the blockchain technology is
right for your business, furthermore understand
if at all it has evolved to suit the needs and
objectives of small businesses.
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• Blockchain Use Cases are Appealing
• Blockchain might play an integral part of
  businesses when they are handling a huge amount
  of data and multiple parties, yet they want to
  be sure about the reliability of data. Such
  organizations or businesses share data or pass
  data around, which calls for confirming the
  accuracy of shared data in fact, businesses
  want to ensure every aspect of data they are
  dealing with is safe, secure and accurate. In
  such instances, using blockchain technology makes
  sense.
• For instance, if you own a business dealing in
  asset tracking then using blockchain technology
  might be beneficial for your business. By using
  blockchain, not only you could track the
  movement of the shipment but you will also get
  verification at every entry and exit point,
  ensuring it is en route to reach its destination.
• Blockchain technology appeals to businesses as it
  depends on a distributed ledger eliminating the
  need for a single entity that owns all the
  information. In a typical blockchain environment,
  numerous multiple parties in the ledger carry
  out transactions. You get inherent security as
  every transaction is checked and agreed upon by
  all the participants. Definitely, businesses,
  where they need to record information started
  trusting blockchain technology and finding ways
  to implement it for the benefit of their
  business.
• Ledger, wallet, and smart contracts are the key
  features of a blockchain technology due to
  which many organizations started believing in the
  potential it has to boost the productivity of
  their businesses. Already, businesses related to
  manufacturing, telecommunication, and finance
  industries have blockchain projects in the
  pipeline. Apart from that the numerous
  opportunities and advantages offered by the
  blockchain technology to the healthcare industry
  in keeping patient data safe, secure, and
  accessible has instigated many entrepreneurs and
  healthcare service providers to think about
  using the blockchain technology.

• Four-Step Roadmap for Businesses to Get Started
• Any business, thinking the use of blockchain
  technology will enhance its productivity are free
  to use the technology. However, the biggest
  hurdles to the adoption of blockchain technology
  have been a lack of technical understanding and
  the perception that they need specialized
  employees. We understand that small businesses
  have neither resources nor the budget to hire
  expensive blockchain developers to build a
  feasible solution. Additionally, there are a very
  few blockchain technology consulting companies
  or blockchain-as-a-service
• companies offering nothing beyond consultation
  and whitepaper. Therefore, if you are interested
  to use take your business on the blockchain, then
  here is a four-step roadmap that will help you
  take the first step

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• Before using blockchain technology in your
  business, you need to understand its basics
  interpret which/why certain blockchain is best
  suited for your business.
• Interpret if the specific blockchain you intend
  to use is any good in reducing costs,
• increasing customers, and saving auditing costs.
  If possible, analyze production practical cases
  to learn how blockchain will add value to your
  business.
• Allocate a specific budget, especially for
  blockchain experimentation, research, and
• implementation.
• Make sure you are utilizing the allocated budget
  wisely. Find out the opportunities that will
  allow you to interact with blockchain and caper
  with the test user cases data. To do this you
  need not have to be a blockchain developer or
  someone proficient in blockchain technology. All
  you are expected to do is to find a service,
  which has hidden technology complexities but
  offers an easy understanding of the blockchain
  use
• cases through a graphical interface.

Conclusion The need for enterprise blockchain
is real and is set to become a massive market.
Businesses finally started to rely on
decentralized nature of the blockchain, which
also offers added security features for
providing better and more transparent
identification tools. Small businesses in search
of more comprehensive protection can easily host
their own services on the decentralized
architecture of the blockchain. It is always
better to choose or to rent custom- sized
decentralized hosting space from a blockchain
platform, instead of buying expensive,
centralized service architecture or paying a
hefty rent to the Amazon or Google web
services. If you want to talk to someone who can
help you analyze the needs for blockchain in your
business, tell you what is changing after you
implement blockchain and give you a proper
estimated cost of building your blockchain
solution for your enterprise, then CONTACT US
for a free consultation. We, at Sphinx, leverage
blockchain to transform businesses and disrupt
the industry in which you work.
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