When Blockchain was first recognized via the form of “ Bitcoin ” , the world was immediately amazed and touched by its value and philosophy behind this magnificent technology.
Entrepreneurs and Developers immerse themselves into this technology, trying to search for the next “Killer App” for Blockchain. A few years has past since the birth of Bitcoin, it seems like the search of the next “Killer App” has not been fruitful, however more “chains” have been brought to the market, each with its unique purpose, each a protocol / fundamental layer, not an application.
Failed on its search for the next big thing in Blockchain and bringing this technology to our daily lives, Entrepreneurs have not wavered on their quest, as the more they learn about Blockchain, the more they realized the true value of Blockchain and not everything should be “ on – chain “ .
With that being said, some people are begin to ask themselves, what’s the true value of Blockchain? What’s the utility of Blockchain ?
What’s the best scenario for me to use Blockchain?
Imagine you’re a small business owner, who’s managing logistic and daily transaction, your job is to make sure everything is in place and your store is profitable. In this case, the data flow is clean and simple as you’d only need to manage a single store, and you’re the only one who has access to said data.
However, as your business scales up and expand to different regions and country, your data structure begins to be more complex, the need for data reconciliation and access control rises as you scale. Data needs to be maintained, secured, and updated by the second.
When you provide more service, the data structure becomes more complex, the need to delegate task and manage your data becomes more vital. Each team has its own function, each department has its own data flow, how to make them exist in parallel, without affecting each other while being in sync with each other, is a key for all businesses and enterprises to blossom.
In order to solve this complexity, a conductor is needed ( Rule Engine ), a conductor will signal each system when to perform and what to perform and optimize their flow, however this requires a streamlined data-flow, which leads us to , blockchain’s ability of traceability, enabling network partition and time stamping helps these rule engine to manage the data much more efficiently.
One thing we need to embrace is that blockchain is not a disruptive technology, but a constructive technology that can help other technology to reach its full potential, fulfilling automation, optimizing data flow and preventing data loss which is also the pain points of IoT, AI and 5G technology.
Right now, the space is still full of speculator, hoping that investing in tokens will bring them infinite wealth, people who thinks that blockchain can replace all technology and services within the tradition framework.
As a pioneer, neither of them are wrong, however the timing in the market will play a huge factor, and in order for all of us to succeed, we must go through different iteration and trial and errors.
We at FST Network pride ourselves to be the veterans and successor of Blockchain, thus we observe and support implementation of Blockchain and how it impacts the current system. We truly believe that Blockchain at its early stage should focus on B2B and B2E solutions before it can be adopted by the masses, which the true application can occur, in the pure digitized age. Want to learn more about implementing Blockchain in your business ?