3 ALTERNATIVES TO BLOCKCHAIN THAT BUSINESSES MUST CONSIDER
Businesses must consider the available alternatives to blockchain before green-lighting blockchain projects.
Ever since its obscure beginnings as the foundation of Bitcoin, blockchain has taken the world of business by storm. Businesses across the world, regardless of the industry or economy, are exploring new ways of leveraging the capabilities of blockchain technology to improve their offerings and performance. While the earliest and the most feasible applications of blockchain have emerged in the fields of cryptocurrency, banking, and fintech, there are very few real-world cases of blockchain being used in any other industry. That’s because there is still a lot of uncertainty surrounding the blockchain’s ability to deliver real business value. While the debate regarding the suitability of blockchain as a sustainable foundation for a unified global transaction system, there are still quite a few roadblocks that the technology faces before being considered for any mainstream application. However, that doesn’t mean that blockchain has no future. Considering the success and sustenance of blockchain-based applications like Bitcoin, Ethereum, and other cryptocurrencies, it is evident that blockchain is here to stay.
However, businesses should understand that blockchain is not an all-powerful panacea that can solve every problem a business may have. Many business problems can be solved using existing alternatives to blockchain technology, often with greater efficacy and at lower costs. Businesses must consider these alternatives to ensure that their investment pays off.