Let go of these prejudices and make your blockchain project go further

Most companies around the world are closely following the progress of the blockchain space. Many enterprise projects are using this technology, although not all of them are successful. In fact, many companies usually make several common mistakes when exploring blockchain technology.

6. Interoperability

Many companies have long believed that their blockchain projects can be used with other ledgers (distributed ledger systems) in the world. Unfortunately, it is difficult to achieve interoperability between different private blockchain systems. There is currently no "industry standard" for blockchain, and the competition between various systems makes interoperability impossible. It will take at least a few years to introduce such an industry standard.

5. Learning Curve

The creation process of blockchain is not simple and requires in-depth learning and understanding of the technology. Testing of platforms, codes and new business models is crucial. This also applies to blockchain outsourcing projects. However, many companies ignore the need to pay close attention to the development of projects, which ultimately leads to internal employees being unable to cope with the challenges brought by the subsequent projects.

Cloning a cryptocurrency is easy and can be done in an hour, but creating powerful applications in a blockchain system requires top developers and project managers.

4. This is not a database

For many businesses, the use cases for blockchain technology are twofold: either a database or a storage mechanism, nothing more. Anyone who thinks this way should rethink the capabilities of blockchain and how it can revolutionize business models. In addition, blockchain is not suitable for all business models, at least its current structure has limitations.

3. Initial Questions

Although blockchain has been around for nearly 10 years, the concept is still in its early stages of development. Compared to today, blockchain technology will certainly be able to achieve more goals in the future. Existing blockchain technology has "limited capabilities" and limited application scope. It is not yet a mature technology, but this does not mean that it has no commercial value.

2. Industrial-level applications have not yet appeared

As an immature technology, there are almost no blockchains with strong "scalability" at present. The best choices at present are still Bitcoin and Ethereum (ETH), but these two systems also have many problems that need to be solved. There are also other blockchain providers who say that their solutions can improve scalability, but their performance in real-world environments remains to be seen. At this stage, we can only make progress through experiments and the development of proof-of-concept projects (PoC).

1. What is the purpose?

For most companies, it is difficult to get them to state the purpose of conducting blockchain research. In order to make reasonable use of blockchain technology in a project, the purpose of the project must be clarified first. The private chain system lowers the threshold for secure deployment, but at the same time brings higher decentralization possibilities. All companies should first clarify the specific goals of their projects before starting the corresponding deployment work.