When to use Blockchain?
The blockchain can be used in numerous situations. It is ideal for data storage in cases where the data is dynamic in nature and requires proper record-keeping. In the past, sensitive data has been stored on printed paper since this is hard to manipulate. With this technology, it is easy to keep a flawless record of frequently occurring data and give it requisite permanence.
The technology is also applicable in cases where intermediaries are undesirable or inappropriate. The nature of certain types of information makes privacy the most important consideration. In this case the anonymous and decentralized nature of the blockchain makes it ideal.
Certain transactions are sensitive in nature and require a binding legal agreement to ensure that the parties honor their side of the deal. While in the past this has necessitated the oversight of lawyers and notaries, the smart contract option in the blockchain now makes such deals easier to execute. They are cheaper than and still as binding as the traditional options.