To use or not to use? Implementing blockchain technology into business

Blockchain-based solutions are increasingly finding traction among investors, presenting new opportunities for supply chain management, digital identification, payments and financial services, and in a variety of other application areas. However, the technology is not without its challenges: effective DLT use requires significant technical knowledge, can be expensive to deploy, adoption levels are low, and regulation is still lacking. Often, centralized digital solutions could be sufficient for addressing issues where blockchain is being pioneered. 

Before jumping into the hype and allocating big budgets for the deployment of DLT (distributed ledger technology) solutions, it is important to understand the main arguments for using blockchain technology and whether it in principle would work in a specific organizational setting. 

To facilitate the decision making on whether it is worthwhile to use the blockchain technology and why, CIVITTA has developed a free online "Do you need blockchain?" tool. Although created with SMEs in mind, the tool can be used by any entity to get insights about the company's innovation readiness, the potential for blockchain application, and challenges the technology could solve. The tool has been developed through the BlockStart project, implemented by CIVITTA Lithuania together with Bright Pixel and F6S.

We welcome your comments and suggestions! To know more about the tool and how it can be used for trainings, in shaping discussions, please get in touch with us via [email protected]

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