By Raj Sharma, Forbes Councils May 31, 2018
There’s no doubt that blockchain is a hot topic, with management consultants and blockchain experts routinely featured as keynote speakers and panelists at numerous industry events. You can frequently hear: “Before you go in front of your board or executive team, come up with a business case for blockchain.” Perhaps you might have heard this variation on the theme: “Don’t try to sell the technology, it has to be about the business problem that blockchain solves.” It is a common practice to repeat this mantra every time a new technology starts to show promise and everyone starts to jump on the bandwagon. It is particularly difficult to address these questions in the context of blockchain, which is why consultants and enterprises keep fumbling around for a business case.
Blockchain is a transparent, immutable ledger of contracts embedded in digital code that cannot be altered. It is a shared database that timestamps every transaction that occurs. Blockchain enables direct exchange of value between A and B without the need for the middlemen — be it a central authority, broker or notary.
However, despite all the technological advantages it offers, in its purest form, blockchain may not have a place within the confines of an enterprise.