When to Blockchain?

— By Anthony Chemaly

Lately, the hype around the crypto scene has grown with cryptocurrencies and blockchain technologies skyrocketing in popularity in the past years. Every day, products over the blockchain pop up, and the supply for web3 developers follows its demand with more developers continuously following the space and learning its techniques. Almost everyone in the space has heard that blockchain would change business and reshape corporations and economies. For there to be a blockchain revolution, several barriers — technical, governance, organizational, and even societal — must be overcome.

The blockchain has already disrupted many industries and will continue to do so over the next years.

Banking

Blockchain and banking are only getting started. Banks function as crucial value storehouses and transfer hubs on a broad scale. Blockchains, like digital, secure, and tamper-proof ledgers, might provide the same job, infusing more accuracy and information exchange into the financial services sector. By providing a peer-to-peer payment mechanism with great security and cheap fees, the blockchain challenges the commercial banking system. As there is no central authority, you are not required to pay one entity, eliminating the requirement for a third party to conduct a transaction. Your transactions are recorded in a ledger that can be read and reviewed by anyone, providing you with complete control over them.

Cybersecurity

Because blockchain is a decentralized system, it is excellent for situations requiring great security. In this case, every information saved on a bitcoin or other blockchain network is validated and encrypted using a cryptographic method, resulting in no central point of entry for a large-scale assault. Due to peer-to-peer connections, where data cannot be edited or tampered with, blockchain allows you to rapidly identify harmful data assaults. Furthermore, by removing a centralized authority, blockchain enables a safe and transparent method of documenting transactions without releasing private information to anybody.

Governance

Most voters in a conventional voting procedure stand in line to cast ballots or vote by mail. The votes must then be tallied by a local authority. Online voting is also viable in this case, but when a central authority is utilized, fraud issues occur, as in all of the other fields we’ve mentioned.
Using blockchain technology is thus the best option. People can vote online without exposing their identities. Using blockchain, authorities can count votes with perfect precision, knowing that each ID can only be associated with one vote. Fraud is not conceivable since blockchain technology makes it nearly impossible. Furthermore, once a vote is recorded in a ledger, it cannot be modified or deleted.
Other government services involve digital asset registries that require quick and secure registration of assets such as automobiles, housing, and other assets. Notary services where blockchain records can better verify the authenticity of the seal. Blockchain technology enables faster tax payments, lower tax fraud rates, and faster and easier audits.

Overall, blockchain has the potential to increase government transparency and security.

However, there are places where blockchain cannot be forced right now.
Solution providers should opt-out of blockchain in these cases — for now at least.

If the data recorded is very prone to change:

Because the data on the blockchain cannot be modified, each time you enter new information or update a minor detail in a transaction, you must produce a new record across the whole network of nodes. That entails consuming a lot of pricey storage space for no apparent cause. A standard database –SQL or NoSQL- would suffice for a job like that.

If there is a need for a very high speed and performance:

We should point out that blockchain-powered solutions are usually not a suitable fit for immediate operations or where transaction throughput and speed are critical. The problem will be exacerbated if there are many users on the blockchain. Because the majority of nodes must validate a transaction, the more participants there are, the longer it takes.

As you can see, blockchain technology is primed to revolutionize the way we do business.
It is becoming more popular, and many market leaders and creative firms are attempting to capitalize on its game-changing potential.
As more companies embrace blockchain holistically, the research, analytical, consultancy, and forecasting industries may be impacted. Forecasting operations will have a better basis for applying machine learning algorithms to nurture focused forecasts and insights with an unshakably accurate transaction record backing their data analysis.
Blockchain technology provides real advantages including disintermediation, record immutability, and fault tolerance, giving enterprises an unparalleled competitive edge.

In summary, blockchain is critical for increasing reliability and efficiency. However, blockchain has to mature further before it can be used in nearly any situation.