Trust is not the issue
Blockchain is often seen as a method to enforce ‘programmable trust’. Then it will only fly in situations where normally there is no or little trust. Luckily for blockchain, it has a few more properties up its sleeve to broaden its appeal.
“There is not a trust issue”
Many of the traditional industries, especially in the West, are trusted to a certain degree; Banking, Telecoms, Energy. We can love them, or love to hate them, but in general, they do a pretty good job. More often than not, there is not a trust issue here. The service is provided, it is good enough to be acceptable. These trusted third parties are, indeed, trusted. Bringing in blockchain under the premise of solving a trust issue is not going to bring you far.
Other aspects that still hold merit could be:
- A single source of truth - eliminating data silos and increasing administrative efficiency.
- Increasing the robustness of the system - eliminating a single point of failure allowing the system to remain up.
- Microtransactions - Allowing them to be processed at a large scale while remaining cost-efficient.
If trust is no issue in your industry and you are looking to explore what blockchain can do for you, I would be happy to help.