Blockchain is not a solution to every digital problem that humanity faces. Everyone is talking about Blockchain and hoping to use it to solve their long-standing problems. Even before you pursue a dialogue with someone advertising Blockchain as a solution, you must first determine whether your use case is a valid Blockchain use case.
To determine the use case’s validity, you must first list the following criteria for the use case:
- Business motive
- Entities involved
- Workflow
Once you’ve sorted out all of this, it’s time to go to your lair and chew over the use case, imagining how the answers will be implemented. You must be extremely clear on the major motivations, the sort of use case, and how the use case intends to leverage Blockchain before beginning to map the use case to Blockchain building blocks. Because blockchain is such a popular concept, several organizations provide Blockchain Development Services. This will finally tell you whether or not the use case requires the use of Blockchain.
Let’s take a closer look at each of these.
Determine the fundamental motivation.
In regard to the Benefits section, Blockchain provides a number of advantages. However, it’s critical to comprehend the use case’s business motivation. Try to classify it into one of the following four categories (the rest are derivatives of these):
-
Advantage in terms of price
Check to see if the company is looking to save money by offering the new use case. This will assist them in increasing their revenues.
-
Advantage in terms of speed
Check to see if the company is considering speeding up their overall process to improve system efficiency and better serve their customers. This will assist them in retaining customers (and, indirectly, save cost and gain productivity).
-
Advantage of technology
Check to see if the company is considering the use case in order to portray themselves as a technological leader. This will help them build brand value by improving their existing solutions and staying ahead of the competition.
-
Growth advantage
Check to see if the company is considering offering this as a new revenue stream.
Re-engineering the existing process usually yields cost and speed benefits. This indicates that you have a well-defined procedure in place and, for the most part, bottlenecks have been identified. These Cost/Speed criteria are used to determine the project’s success.
Innovating an existing product or process is what technology advantage is all about. There may be no obvious flaws in the current product or procedure.
Growth benefits
Even the consumer may not have a clear understanding of what they want to do or how they want to accomplish it. The project’s success is difficult to quantify, and it may necessitate a long-term strategy. Make sure you pay enough attention to come up with a winning strategy with the customer.
You’ll know what you can expect from the bakırköy escort customer based on the principal motivation driving the project and what requires additional thought. In your use case validation, it’s also crucial to verify if Blockchain can directly address the key motivation and provide value to the company.
Type of Case to Use
This is also a useful tool for determining how the use case plans to use Blockchain. Blockchain is used as-
A safe and secure digital identification resource
Using public/private keys, blockchain creates a digital identity. It can be used to authenticate as well as implement robust ownership control, with the ability to approve or disapprove transactions and permissions. Every user’s public key is used to identify them, and their private key is used to indicate their approval to a transaction or permission request.
A ledger/record-keeping system
Every successful transaction on the network is recorded in a distributed manner on the blockchain, which is accessible by everyone on the network. Data can be recorded in both static and dynamic formats. The registry is static data, which can be encrypted, unencrypted, or hashed depending on whether you want everyone to have access to the data or only authorised nodes, or whether you want to ensure that the data hasn’t been tampered with.
As a foundation
Blockchain development is one of the fastest-growing technology disciplines. Some startups that have put money into this sector have had considerable returns, and some have even received multi-stage VC funding. Companies have been able to achieve breakthroughs in ways that were unimaginable just a few years ago by properly exploiting computing processes. This is the place to be for aspiring digital entrepreneurs who want to make a difference.
There are a number of web and mobile-based firms whose founders have been able to launch a product on their own using some coding, directly targeting clients, completing an MVP, and then improving. For the reasons outlined below, it is advisable to use the professional services of a reputable organization when it comes to Blockchain development services.
Conclusion
If you know exactly what you want, you won’t have to worry about how to get it. Do you want to create your own cryptocurrency like Litecoin, Ripple, or Ethereum? Simply enlist the services of a Cryptocurrency development business, and they’ll meet your specific needs in no time.
After determining the sort of use case, you should try mapping the use case to various Blockchain building blocks. This should give you a good idea of if you have everything you need to say it’s a genuine Blockchain use case and, if so, what your solution should be. Some of the businesses offer the best blockchain development services, combining technical expertise with substantial commercial experience. It is entirely up to you how you will use it.
