Blockchain: Asking an Important Question

In a very brief article in, dated December 29th, 2016, Wayne Vaughan poses the seldom-asked question of who actually pays for a blockchain solution.

Vaughan succinctly recaps how Bitcoin, Ethereum, and Hyperledger are funded – unique models that may not translate into a feasible approach for bankrolling your company’s use of blockchain.

He reminds us that,

Smart companies clearly define the problem they’re trying to solve before approaching blockchain vendors. When you do talk to vendors, you’ll likely be faced with unfamiliar jargon and grandiose promises.

That may seem to be an obvious statement, but Vaughan also points out that enthusiasm (or ‘hype’) for a technology like blockchain hasn’t enjoyed potency of this kind since the dotcom bubble.

Vaughan continues with very simple advice:

Be sure to evaluate non-blockchain solutions. Ask if blockchain technology can enhance your existing technology stack.

Afterall, for many companies, internal technology integration may be as big an issue as (if not bigger than) transacting business with partners outside of the institution’s walls.  And layering blockchain on top of a technology stack, for which data ownership, dependencies, and flow is unclear, can cause more problems than it solves.




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