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How to Know if Your Company Needs Blockchain?

Blockchain, the cloud-based distributed ledger, has been gaining popularity among businesses over the last few years. Despite the number of companies that successfully incorporated blockchain into their operations, there are still many who have no idea that they could profit by adopting this innovative technology. But how could you know if your business needs to use one?


To make this decision, it is significant to evaluate both the associated potential benefits and limitations. To save time and resources exploring and evaluating business readiness for blockchain, there is a tool that has been designed within the BlockStart partnership program to help you find out whether your organization would benefit from the adaptation of blockchain and why. It has been developed with SMEs in mind but is relevant for other types of entities, too. Even the public sector institutions!

The first step is to take a short survey “Do you need blockchain?” that only takes 15 minutes to complete. According to the results you could:

  • Assess whether a blockchain solution could remove some of the existing business frictions associated with the current business processes.
  • Determine if characteristics, such as trust, immutability, and finality could provide significant value in your (use) case.
  • Assess whether those benefits could result in a reduction in cost and risk, or if they could improve process efficiencies.
  • Analyze if there are additional benefits (to you or your clients and partners) to your business and services that can be achieved by implementing blockchain within your solutions.

After that, if you are sure about making the next jump, this method will also recognize the potential to participate in the BlockStart project financed by the European Union’s Horizon 2020 program. There is an upcoming BlockStart Open Call #3 for blockchain developers and SME adopters. To get to know more about it, join an interactive Q&A webinar to learn how to apply on Thursday, 14 April 2021.

If you are precisely looking for new opportunities to solve existing challenges and optimize your business, subscribe to the newsletter and be the first to hear about the launch of the Open Call #3 and the events in the upcoming months.

 

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