Committing to blockchain

Proving concepts at the cutting edge

Beyond proof-of-concept projects

However, blockchain usage to date remains stubbornly isolated and rare.
This is largely due to cost and complexity. It’s one thing to prove that blockchain can fulfil a particular purpose. But it remains a big, complicated and expensive solution. New fintech solutions may emerge to compete with blockchain, providing more elegant, simple alternatives. And simplicity is almost
always best.

Questions to ask if you’re considering blockchainBlockchain projects often are more technically complicated than their ‘traditional’ IT equivalents. This can be further compounded by their
inter-organisational nature.

In addition, blockchain may not yet have the robustness and scalability needed for some of the scenarios where it has potential.

Before committing to a blockchain solution, ask:

Do we want to sign up to a shared venture?

Are we happy to devolve control to a
non-hierarchical, disintermediated,
peer-to-peer structure?

Who will design the system, who will maintain it and how will costs be shared?

How will we ensure the integrity of information recorded on the chain?

Should we be looking for simpler solutions that might be more fit for purpose?

But, make no mistake. We are in the early days
of blockchain, and its potential for irreversibly changing the world in which we live and work
is immense.

Can you see practical applications of blockchain technology in your business?

Definitely
Possibly
Not really

Making blockchain
mainstream — the SWIFT waySWIFT — The finance community co-operative that provides payment systems for banks — has developed a plan for what needs to happen before blockchain can fulfil its potential.In 2016, it suggested that all the following issues would have to be addressed before blockchain could be sufficiently robust for widespread use across the financial services sector.

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Once these factors are resolved, blockchain will be poised to enter the mainstream.