Developing Blockchain Solutions for Impact

Blockchain isn’t one-size-fits-most technology. Each solution has to be specifically tailored to the complexities of the problem it’s meant to solve. Don’t decide what you want before you understand what you need; try to remain tech agnostic while researching potential solutions. This section explores questions and considerations for organizations researching and deploying blockchain-based solutions.

There are, bare minimum, two universal prerequisites to blockchain deployment:

• Internet connectivity: Internet infrastructure of some kind is necessary for a blockchain to function. The connection necessary depends on what it’s being used for: full nodes in large public networks will require high speed connections that can handle large amounts of data, whereas “light nodes” or “internet of things” devices may not need as reliable of a connection.
• Clean digital data: Blockchain technology does not improve data quality, it only guarantees that the information entered onto a blockchain will stay there unaltered. So if a blockchain’s source data is inaccurate, it will secure and propagate poor data. Early adopters need to ensure high quality data or they’ll suffer from the “garbage in; garbage forever” problem, a perennial risk of distributed ledger technology. If you don’t have comprehensive, valid data, you probably don’t want a blockchain.

Once you’ve established that you can use a blockchain, ensure that it’s the best solution for the problem you’re looking to fix. Answer these questions before exploring further:

• Is there an issue with the existing solution? Blockchain isn’t a hammer in search of a nail. The tech’s potential can inspire some to look for opportunities to deploy it, however blockchain solutions aren’t always feasible, nor the best answer to a given issue. Skip the hype; know why you need to use blockchain, specifically.
• Are there no alternative technologies to effectively solve the problem? Even if a challenge can utilize a blockchain solution, it doesn’t mean it should, especially if there are established software solutions already available. Many existing tech solutions offer a well-tested product, thoroughly documented strategies, and support centers that can minimize risk, cost, and implementation time when compared to blockchain.

If you don’t have comprehensive, valid data, you probably don’t want a blockchain.