5 Small Steps for the Giant Blockchain Leap

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5 Small Steps for the Giant Blockchain Leap
According to Gartner, by 2022, Blockchain based
businesses will be worth 10B. Moreover, by
2020, new businesses and business models will
emerge based on smart contracts and Blockchain
efficiencies. Despite Blockchain being an
emerging technology, it is flourishing day and
night while expanding its reach to different
industries rather than being restricted to
Finance and IT only. Organizations are adopting
Blockchain due to its promising features like
security and decentralized ledger. In addition
to security, Blockchain helps to streamline
complex financial processes as well as free up
cash, create new forms of value, reduce
transaction costs, accelerate business processes
that lead businesses to adopt Blockchain. Experts
say, Blockchain will do to Financial System
what Internet did to Communication. Similar
predictions exist since Blockchain holds the
power to change the bases of our economic and
social systems. We know what Blockchain has to
offer but only Time will tell how much potential
Blockchain has to change the pioneering of
Businesses. Yet, predictions have circulated
tremendous amount of rumours that have influenced
peoples minds and misguided
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• them. Hence, we are going to enlighten you with
  essential facts, which you must know before you
  embrace Blockchain.
• Blockchain- One for All, All for One
• Unlike other technologies that have been invented
  till today, Blockchain goes beyond the set
  parameters. It is not merely technology for IT
  associates to learn and experiment, but it is
  here to revolutionize methods of running
  business across all industries.
• Decision makers are considering adopting
  Blockchain and many have already implemented due
  to Blockchain streamlining complex process along
  with security. Created with the most difficult
  cryptography, it is the most secure platform for
  financial transaction, digital assets, digital
  media, digital information and contracts that
  make it unique and useful across all the
  industries along with saving money and time
  without any intermediaries. Eliminating the need
  to keep intermediaries simply means minimal
  chances of fraud, increased trust and fool proof
  security.
• With Blockchain coming into the picture, the
  medium of sharing, exchanging and interacting
  changed completely giving birth to a new
  perspective to look towards running businesses
  while affecting small businesses to globally
  expanded organizations. Hence, it has the
  potential to revolutionize industries including
  Banks, IT, Finance, Healthcare, and many more
  that have a strong effect on our society. If
  Blockchain is fully implemented, conventional way
  of managing governance, administration,
  operation and accountability across organizations
  will be revolutionized from the basics.
• Blockchain will not take over your financial
  system completely, Not Yet
• Considering the pace Blockchain in growing,
  experts predicted Blockchain to take over entire
  financial system leaving no trace of conventional
  way of managing finances in any business.
• However, the time is yet to come to witness
  complete financial revolution due to Blockchain.
• Although Blockchain has no common ground nor
  resemblance to the conventional way of managing
  finances, Blockchain does not aim to replace the
  entire financial system yet.
• Instead of decentralized network, current
  financial systems use closed network that is
  through intermediaries while relying on core
  banking and enterprises. As a result, investment
  and dealing through these means will stay
  relevant even after you have adopted Blockchain
  considering they find a solution that allows
  them to co-exist with conventional way of
  working. Thus, a smart decision would be
  leveraging the benefits Blockchain has to offer
  instead of replacing the entire infrastructure.

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• Adopting Blockchain means eliminating centralized
  authority and regulatory system. In addition to
  looking over transaction and exchange, the
  centralized authority works, as a mediatory
  trusted by both the parties along with providing
  the user unique rights. On the other hand,
  Blockchain does give full access and doesnt
  provide special rights to any user over the
  network. Thus, on the positive side, users do
  not have enough rights so that gives us assurance
  to remain free from fraud and malpractice
  proving to be a better system.
• Take a Trial before implementing Blockchain
• No matter how big or small the enterprise is,
  before adapting a new technology, strategy,
• methodology or make major changes in the system,
  it is necessary to take a trial before
  implementing it completely. Blockchain, being a
  completely new technology can bring many major
  changes into your organization that gives even
  more reasons to take a trial before adopting
  Blockchain.
• Firstly, consult an expert, create a plan, and
  acknowledge the duration you will need the plan
  to be tested. After implementing, observe
  closely throughout the process to ensure the
  adoption will be helpful and not disrupting in
  any way. The trial phase will help you understand
  how the technology works, what are the relevant
  key features for your business, how you can use
  it to your advantage.
• Blockchain is Free but the cost of Storage on
  Blockchain Database could be Expensive
• When Blockchain being decentralized is boon, the
  outcome and benefits come at a price. The
• distributed and shared ledger means all the data
  is replicated and stored in every copy of the
  ledger at each node. While transacting through
  digital currencies such as Bitcoin, this concept
  works to your advantage where only the data
  stored is details related to transactions of
  Bitcoins. However, from the business
  perspective, it would be quite expensive to
  maintain heavier information like documents or
  images, audio files to be stored and exchanged at
  every node.
• Identifying the needs and usage of Blockchain in
  your business will help you come to a decision.
• Transparency v/s Confidentiality
• Changing the way of sharing and exchanging files,
  documents and transaction, Blockchain has the
  potential to transform all the industries
  including banking and finance, health, IT,
  education, media, almost all the industries
  could get affected. It will affect the way
  internal and external exchange and sharing of
  files takes place and transaction as well. Since
  Blockchain is popular for being decentralized
  and open to all, all the data is accessible. On
  the other hand, at times businesses need to keep
  few things confidential, or share with certain
  people yet keep secured. This is contradicting
  the nature of Blockchain. When it comes to
  Blockchain, collaboration and

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competition must be distinguished along with what
to share, how much to share and when to
share. Evolution Vs Revolution, shifting
business focus towards Blockchain will definitely
involve proactive steps with trusted software
development partners. It is important that you
understand your Business Problem or Business
enhancement that you wish to bring very well and
acknowledge the scale of intended network,
understand the relationship among users,
requirements both related to functional and
non-functional aspects such as performance and
confidentiality before determining the right
platform and the right model to use that will be
beneficial to your business. Allow us to assist
you in your digital transformation journey ahead,
get in touch with us at inquiry_at_cygnetinfotech.co
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