How to Choose a Blockchain Platform for Your Business

If it would have been a few years back and I would have said, why not integrate your business platform with Blockchain, then it would have appeared to be an alien concept, but in a decade, Blockchain has been able to carve a niche for itself. Starting its journey as the underlying platform for Bitcoin, Blockchain now finds application in mainstream business. Blockchain developers have improvised this platform and are making it infallible.

Blockchain and business

Blockchain addresses some of the key concerns of the businesses like data security, immutability, tracing the data, and more. The conventional platforms which most of the companies are using have become old school. There are a lot of bottlenecks like:

1. Security of information

2. Cost

3. Third-party intervention

4. Time-consuming

5. Inefficient tracking and tracing

Irrespective of the business size and segment, it is important for every company to ensure transparency in business and also offer data security. All these factors eventually impact the performance of the business in the long run. The conventional platforms are good and efficient, but they fail to match the complexities of the variegated requirements of each industry. Moreover, allowing everything to be centered on a centralized server increases the threat. Any failure at the central server or attack at the center can affect the performance of the companies otherwise. To overcome this, there is a requirement for a more advanced platform like the Blockchain.

Choosing the right Blockchain platform

We all know that Blockchain is a decentralized digital database that allows storage and exchange of information in Blocks. All this information is time-stamped and encrypted cryptographically. Before you start integrating our business operations with the Blockchain, it is important to know what type of Blockchain platform will be best for your business. here are a few things to consider before making the final call:

1. How much privacy does your business require?

2. Your plan of expansion of your business

3. How do digital asset fit into your business

4. Application accessibility requirements.

Before choosing the Blockchain platform, you must know about the types of Blockchain platforms:

1. Public- This is a decentralized network where anyone can participate

2. Private- This Blockchain is visible to the public, but the access is controlled to some.

3. Permissioned- This is shared between two parties and not with the public. They have zero latency.

The following table will throw more light on the type of Blockchain platform best suited for your business:

Business Type

More value between untrusted parties — Public Blockchain

Trade securitized assets — Public or permissioned

Publish for public record — keeping — Public

Publish for private record-keeping — Private or permissioned

Publish land title data — Public

System security — Public

Auditing of record — Public or permissioned

This table will give you a better insight into the type of Blockchain sited for the particular type of work. For more accurate information on this, you must have a professional and proficient Blockchain professional who can leverage this technology for your business.

The next move

Owing to the growing acceptability of Blockchain across the different platforms, there is a growing demand for skilled professionals. The blockchain certification program helps you in understanding the core concept of Blockchain and its practical applications. Blockchain Council is offering the best learning platform. If you too want to learn more about Blockchain, you must connect with the Blockchain Council today.

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Smita Verma

Blockchain enthusiast and cover everything that goes on in the crypto ecosystem. I love researching and producing technical content on blockchain.