Validating your Blockchain Idea

Blockchain is over-hyped. Never before a technology has received so much coverage in public media. Everyone is getting onto the ‘decentralize it’ wagon and recreating every major application, website via blockchain.

In this post I am going to discuss my views on how to validate your “NEXT BIG THING” idea and determine if you’ve found a real blockchain use case. We need to gain a understanding of where the blockchains genuinely add value in enterprise IT. After all, you don’t want to find out in the end that the major project you just finished didn’t require blockchain at all.

I’m not saying blockchain isn’t good but before you embark onto your blockchain idea, ask yourself “Why do you need a blockchain for this?” That’s it.

First, What is a Blockchain ?

A widely accepted definition of it says,

A blockchain is a ledger of facts, replicated across several computers assembled in a peer-to-peer network. Facts can be anything from monetary transactions to content signature. Members of the network are anonymous individuals called nodes. All communication inside the network takes advantage of cryptography to securely identify the sender and the receiver. When a node wants to add a fact to the ledger, a consensus forms in the network to determine where this fact should appear in the ledger; this consensus is called a block.

So, let’s break it down bit by bit. If your project idea ticks off these five points then you have a possible Blockchain use case.

So, I hope you’ve reached to a fair conclusion of what you need by now. A blockchain based p2p network, a shared database with multiple non-trusting writers without a central intermediary or you will consider a) regular file storage, (b) a centralized database, © master–slave database replication, or (d) multiple databases to which users can subscribe.

Hope this helps.

Please share your comments.

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