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How Do I Determine Whether a Blockchain Is Necessary?

Updated at: Dec 21, 2018 GMT+08:00

To determine whether the blockchain technology is suitable for your project, answer the following questions in sequence:

  • Need multiple parties share data?

    Will all business participants benefit from a complete and reliable record sharing system?

  • Need multiple parties update data?

    Will data accuracy and update timeliness be enhanced if multiple participants can record and propagate concurrent transactions?

  • Must data be verified?

    Can tamper-proof transactions in an untrusted environment improve the transaction throughput and reliability of partners?

  • Can a central institution be removed?

    Is removal of a central institution helpful to reduce costs and transaction complexity?

If your answer is "Yes" for all of the above questions, then your project needs the blockchain technology.

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