How Would You Know If Blockchain Is Actually Useful for Your Business? - Coffee with CIS - Latest News & Articles

How Would You Know If Blockchain Is Actually Useful for Your Business?

If you are well aware of both the realities and limitations of the blockchain, then you've got the capability to create revolutionary solutions.

Blockchain has been touted as the be-all and end-all solution to every business problem you might possibly have. Whether you're trying to raise investment capital, gain new customers, monitor your existing customers, clarify logistics, or merely have a little pleasure, there's a seemingly infinite array of software.

Simply take the energy industry: when you have millions of individuals using power grids, on frequently antiquated systems, what must be a very simple monitoring system has become needlessly intricate. Solar electricity being generated by a single family can frequently be employed to a different or not credited in any way. Incorrect ingestion rates are mentioned. All of these become headaches for customer service and customers.

In among the hottest implementations of the blockchain, companies are working with electric utilities to solve the problem of getting one of the powers you've paid for. Dr. Jemma Green, co-founder of all Power Ledger, believes it is the ideal time to be thinking about a disturbance. "We're the first from the space, and we've had no lack of demand from utilities"

Green is not attempting to reinvent the wheel. Power Ledger's applications utilize pre-existing infrastructure, such as intelligent meters, to monitor the power generated and consumed by every household. Pilot jobs with Tech Mahindra in India, White Gum Valley Management in Australia, and Kansai Electric Power in Japan show that there's definite interest in disrupting the electricity sector.

And investors are interested too -- Power Ledger raised the biggest ICO in Australian history, in $34 million via a combination of three unique cryptocurrencies -- Ethereum, Bitcoin, and Litecoin -- from over 15,000 supporters.

It is estimated that by employing the open ledger system given by the blockchain, over 60 percent of the accounting and transaction-related problems currently suffered by the energy utilities will probably disappear overnight.

So just how do you tell when blockchain is a good application for your business?

If you would like to decentralize your business

That is the top reason that the majority of people select a blockchain that offers -- to create a peer-to-peer market.

In a traditional power company, they establish the cost and you can just purchase from them. Via Power Ledger, each man or woman who creates power can be a provider, and you are able to purchase from them and pay them right. This all happens seamlessly.

If you are coping with smart contracts or digitally delivered resources

If your company sells physical products that require being transferred to a customer, this might not be the very best solution for you. But if your resources are electronic, like software, It's perfect -- and here is why:

Kodak recently announced they're using blockchain to track digital media assets -- such as photos and videos. Anyone enrolling their support will have a unique ID for all media. If those pictures are located elsewhere without appropriate licensure, royalties will have to be paid to the owners, since they'll have all documents traced in the original source.

The time factor is not crucial

At this time, blockchain trades aren't instantaneous. There's a software restriction that triggers at best a couple of delays, at worst several minutes. If you've got an application that needs instantaneous outcomes, then this really isn't the smartest choice for you.

Meanwhile, I hope more companies will jump on the blockchain bandwagon because they locate relevant applications for the technologies.