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2. Trust & Transparency
Blockchain excels in boosting trust and
transparency in complex supply chains
through immutable transaction records. Yet,
if your digital transformation prioritizes
internal process optimization with existing
trust, blockchain may not be a necessity.
3. Data Privacy & Security
Blockchain offers robust security features,
ensuring the protection and integrity of
sensitive data, while preventing tampering. If
your digital transformation involves critical
information, blockchain provides an extra
layer of security; otherwise, traditional
cybersecurity measures may be sufficient
4. Cost & Implementation
Complexity
Deploying a blockchain-based solution
demands thorough evaluation of costs and
technical expertise. As blockchain technology
is still evolving and skilled professionals are
scarce, the resource-intensive nature of
deploying and maintaining a blockchain
network must be weighed against its benefits
for digital transformation.
5. Scalability & Perfomance
Public blockchains, such as Bitcoin and
Ethereum, face scalability and performance
challenges due to consensus mechanisms and
decentralization. For digital transformations
requiring fast transactions and low latency,
alternative technologies may be preferable,
although private or permissioned blockchains
can offer better scalability and performance in
certain cases.
6. Industry-Specific
Considerations
Different industries have unique requirements
and regulations that influence technology
choices in digital transformation. For instance,
blockchain can enhance secure patient data
sharing in healthcare and enable shipment
tracking in logistics. Assess industry-specific
needs to determine blockchain's alignment
with your goals.
