Litmus testing to justify the application of blockchain technology

Fundamentally, blockchain addresses three aspects of the transaction economy:

• Trade
• Ownership
• Trust

The notable technology elements of blockchain are:

• Technology behind the trust system: Consensus, mining, and the public ledger
• Secret communication on open networks: Cryptography and encryption
• Non-repudiation systems: Visibility to stacks of processes

While the implications of blockchain technology may be profound, organizations should devise a set of enterprise-specific criteria that can be applied to existing or new projects that may gravitate towards enterprise blockchains.

Given the versatility of blockchain technology and the current hype curve, enterprises should use a chain decision matrix as a tool to ensure that they have a structured approach to apply a foundational technology to a business domain. This approach will also lend itself to a consistent blockchain infrastructure and trust system management, which will prove vital as many application-driven chains evolve and the demand for enterprise visibility, management, and control grow.