16 Jul 5 reasons that you should not consider using blockchain technology
1/5 It is not for control freaks
In a centralised data storage environment, developers can use transactional capabilities to ensure that data is in a consistent state between stakeholders. In simple terms, the organisations have absolute control over the data. Individuals have little or no control over the information that is stored about them and how it is used.
Blockchain, also known as a distributed/decentralised data management system, allows users to transfer data securely without a centralised regulator, using a public verifiable open ledger. Blockchain technology removes the middleman from all transactions.
2/5 It is not for technophobes
Blockchain Technology, or so-called Disruptive Innovation, is on its way to conquer the data management world. It has been understandably tough for investors and the public to really get to know what cryptocurrencies and blockchain are all about. With excessive use of jargon and buzzwords, many common misconceptions have emerged.
For example Bitcoin = Cryptocurrencies = Blockchain technology.
Only the tech-savvy can look through the hype and dig deep into the true merits of blockchain technology. It’s this trait that allows them to explore how it can be used to solve problems or enhance existing solutions in different industries.
If you categorise yourself in the group of technophobes then the chances are you won’t even realise you are using blockchain when in 15 years’ time it an underlying technology in the vast majority of industries.
3/5 It is not for data hoarders
To understand this we must appreciate the definition and difference between blockchains and databases. A blockchain is actually a database as it is a digital ledger that stores information in data structures called blocks. A database stores information in data structures called tables. It is important to be aware that whilst a blockchain is a database, a database is absolutely not a blockchain. Depending on your business requirements sometimes blockchains are needed and on other occasions, databases are a better-suited option.
A database can be modified, managed and controlled by an individual. If they wish to change data or remove it that is their privilege and responsibility. A blockchain uses a peer- to-peer network architecture, meaning that there is no “master” controlling all nodes. Each peer is equal to each other in how they access the blockchain without requiring administrator access. Once the block has been added to the blockchain, the information is immutable and transparent to all.
4/5 It is not for people who sit on the fence
Data that was hashed over the blockchain is secure and tamper-proof. If you are one of those that are unsure about the integrity of the data, blockchain is definitely not for you as data uploaded over the blockchain is not deletable. The issuer of the data will be 100% accountable for the content of said data. So don’t just sit on the fence, when it is down to blockchain data you have to be absolutely certain of its accuracy because there is no “delete” or “edit” button on the blockchain.
5/5 It is not for “Mr Robot” types
A key feature of blockchains that provides a benefit to the business is data transparency and traceability. This makes everything recorded on the blockchain censorship resistant. Information about a transaction cannot be hidden so this creates more trust and adds value to the solutions.
Apologies Mr Robot but you can’t be anonymous, untraceable and invisible on the blockchain.