Ganesh Shewatkar, Mudit Yadav and Darshan Dutta, Consultants at Avalon Consulting shared their views on applicability of blockchain in today’s businesses with Timestech.
Blockchain, a decentralized digital ledger, has gained popularity due to the success of Bitcoin, but there is also hype and noise surrounding its potential. This article provides a structured approach for businesses to assess the relevance of blockchain, considering factors such as reduction in operation time, data immutability, enhanced security, traceability, and automation. Despite challenges in adoption, successful use cases in industries such as supply chain, banking, and digital services highlight the potential of blockchain. The article emphasizes that blockchain is not a one-size-fits-all solution, and organizations that take the lead in adopting blockchain can gain a competitive edge in the market.