Blockchain is not a panacea for all of humanity's digital issues. Everyone is talking about Blockchain, and many people are hoping to use it to solve long-standing issues. You must first assess whether your use case is a viable Blockchain use case before engaging in a conversation with someone promoting Blockchain as a solution.
To establish the legitimacy of a use case, you must first list the criteria for the use case:
After you've figured out everything, retreat to your cave and mull over the use case, picturing how the solutions will be executed. Before you begin mapping the use case to Blockchain building blocks, you must be quite clear on the primary motivations, the type of use case, and how the use case plans to leverage Blockchain. Because blockchain is such a well-known idea, a number of companies offer Blockchain Development Services. Finally, this will determine whether or not the use case necessitates the adoption of Blockchain.
Determine your primary motivation.
In terms of the Benefits area, Blockchain offers a variety of benefits. However, it's vital to understand the commercial motive behind the use case. Try to categorise it into one of the four categories below (the others are derivatives):
Reengineering an established process usually results in cost and time savings. This suggests that you have a well-defined procedure in place and that bottlenecks have been recognised in the majority of cases. The project's success is determined by these Cost/Speed parameters.
Technology advantage is all about improving an existing product or process. The current product or technique may not have any evident problems. If the new product or process performs as well as or better than the previous product or process in terms of performance and usability, the project is called a success.
Growth benefits are frequently related with the introduction of something new, such as a new product or a new workflow, or both. Even the customer may not know exactly what they want to do or how they want to go about doing it. The project's success is difficult to assess, and a long-term strategy may be required. Make sure you pay close enough attention to come up with a good consumer strategy.
Based on the primary motivation driving the project, you'll know what to expect from the customer and what requires more consideration. It's also critical to check if Blockchain can directly address the major motivator and bring value to the firm as part of your use case validation.
Blockchain establishes a digital identity by using public/private keys. It can be used to authenticate and apply strong ownership controls, including the ability to approve or disapprove transactions and permissions. The public key of each user is used to identify them, while the private key is used to signal whether or not they agree to a transaction or permission request.
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 has not been tampered with.
Blockchain is being used to foster and build digital connections through the use of digital identities. By establishing smart contracts that are performed by Blockchain, you can transact on the Blockchain platform whether you're dealing with a digital or physical item. Ethereum and Ripple are two blockchain-based technologies.
You could try mapping the use case to various Blockchain building blocks after establishing the type of use case. This should give you a good indication of if you have everything you need to declare it's a legitimate Blockchain use case, and if so, what your solution should be. Some of the companies provide the best blockchain development services by combining technological know-how with extensive business experience. It's entirely up to you how you'll put it to use.