Blockchain technology is a powerful tool that offers transparency, trust, and high security to businesses. It has become increasingly relevant in solving many real-world business problems, including the issue of counterfeit products in the pharmaceutical supply chain.
The blockchain is a shared, immutable ledger that records all the transactions that take place in the network. The blockchain network is decentralized, making the information incorruptible and open for all the network participants.
As the number of blockchain platforms has exploded over the past decade, it is essential to consider several key factors before choosing the right blockchain platform for your business.
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𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐓𝐡𝐞 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐎𝐟 𝐏𝐫𝐢𝐯𝐚𝐜𝐲
Not all data needs to be public, and some data, such as sensitive patient data in healthcare applications, must be private. Therefore, it is essential to clarify the level of confidentiality required for each type of data to decide on various blockchain platforms.
Other privacy considerations include the use of cryptographic hash, the level of anonymity required by the users, the geographical context of users in the network, and the need for IP address tracking.
𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐧𝐠 𝐓𝐡𝐞 𝐒𝐢𝐳𝐞 𝐎𝐟 𝐓𝐡𝐞 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐀𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡
It is important to plan the number of nodes and how fast and far your network will grow to avoid or reduce expensive redesign. The larger the blockchain network, the slower the network’s operation speed. Therefore, it is essential to decide how powerful each node is and how much processing power it can lead to your blockchains.
Other scaling considerations include the distance between the nodes, the level of transaction complexity, and the level of privacy required for the users.
𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐢𝐧𝐠 𝐓𝐡𝐞 𝐍𝐞𝐞𝐝 𝐅𝐨𝐫 𝐓𝐨𝐤𝐞𝐧𝐬
Private networks may not need tokens, while semi-public and public blockchain networks that reward through tokens may require them. Answering questions such as the costs of running your blockchain and the potential for your blockchain network will help determine the need for tokens.
𝐀𝐬𝐬𝐞𝐬𝐬𝐢𝐧𝐠 𝐓𝐡𝐞 𝐂𝐨𝐬𝐭𝐬 𝐎𝐟 𝐑𝐮𝐧𝐧𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧
The cost of running your blockchain will depend on the type of blockchain platform you choose, the size of your network, and the level of privacy required. It is essential to evaluate the costs of running your blockchain to determine if it is a feasible solution for your business.
𝐑𝐞𝐚𝐥𝐢𝐳𝐢𝐧𝐠 𝐓𝐡𝐞 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥
Blockchain is a new type of global business operating system that uses smart contracts and fraud-resistant technology to enable P2P transactions. Blockchain technology has immense potential for corporations, but it is essential to consider the network’s size, future growth plans, and required level of privacy.
𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧
Blockchain technology has become a significant fixture for many real-world business concerns. However, before choosing the right blockchain platform for your business, it is important to understand these above-mentioned key factors.
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