Breaking Down the Myths: Blockchain for Businesses

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October 17, 2018
Breaking Down the Myths: Blockchain for Businesses

In a 2018 survey conducted by Gartner, Inc. of around 300 CIOs, only one percent have actually deployed the technology, eight percent are in short-term planning stages or actively experimenting with it, and 43 percent have it on their radar but have no action plan in place.

The fact is blockchain is a radically new technology. With any major innovation, there are myths and misconceptions, that can deter organizations from fully investing despite discussions of its benefits. To help companies separate fact from fiction and better understand how they can take advantage of the technology. Here we discuss three common myths and truths about blockchain.

Blockchain Requires Complicated Integrations and Setup
Blockchain can help companies traverse distant locations, geographies, and borders by digitally connecting multiple channels, suppliers, partners, and customers with data on all of the various transactions that happen between each party. These transactions are saved in cryptographic blocks—hence the name “blockchain.” Some IT professionals may think that they need large servers to collect and exchange all of this data across their organizations’ disparate moving parts.

In reality, Blockchain can be deployed through a Software-as-a-Service (SaaS) model, allowing individuals at each point to connect and send transactional data through any device with an internet browser, including mobile devices or tablets. This means companies don’t need to invest in new, large infrastructures to start leveraging Blockchain. A SaaS model also accelerates deployment. A provider can develop a working sandbox in 30 to 45 days and get the network fully functional and connected within 90 days.

Only Large Companies can Consider Implementing Blockchain
There are some notable examples in the news of companies utilizing blockchain. Walmart is using it to improve the farm-to-fork traceability of its food products. British Airways is testing it to manage data about international flights to improve communication of flight information to passengers. FedEx is investing in blockchain to improve tracking on the 12 million shipments moves each day.

With all of these big names, it is easy for small- to mid-sized businesses to think that the technology is out of their reach. However, by using a SaaS model as described above, companies of any size can tap into the Blockchain. Moreover, through a monthly subscription-based method of payment, it also makes deployment affordable. Therefore, small- and mid-sized companies can also reap the benefits of Blockchain and gain the same data-driven transparency, traceability, and intelligence as the large players like Walmart, British Airways, and FedEx.

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