Is Blockchain a “Solution Looking for a Problem?”
Blockchain technology for the enterprise has been in the news a lot lately. According to new reports by PWC and Deloitte, blockchain for the enterprise is still high on corporate radar and growing.
But is blockchain a solution looking for a problem? Absolutely. And here are three reasons why it is good to satisfy your own curiosity on how adding blockchain to your technology stack might help your organization:
- Convergence. Technologies like artificial intelligence, machine learning, visual recognition systems, Internet-of-Things, edge computing, autonomous vehicles, workforce automation, robotics, augmented reality and virtual reality are all maturing at once. This gives us a symphony of new possibilities for solving old drudgy problems. Blockchain can be the glue between these systems to provide traceability and provenance.
- Trust. Security breaches, fake news, bad actors - we already know that over the past 25 years, we have created an Internet that can't be trusted. This is what apparently happens when you don't worry about avoiding these things, as was the case back in the day where the main function of a web page was to play music or display a flashing gif. Blockchain, which is great for providing trust and transparency, brings a tool to the toolset that wasn't available as part of a normal web stack.
- Decentralization. Siloed organizations and partnerships often experience a situation where data ownership is seen as an advantage. In these situations, particular parties not wanting to share data is a barrier to progress. Blockchain provides an opportunity to avoid this scenario by providing a new paradigm for data, where each participating organization shares in the responsibility of maintaining the data and shares in the rewards that come along with ownership.
We'd love to hear what you think. Is blockchain something you are exploring? How are you deciding where (or if) it fits?