Blockchain or distributed ledger technology is barely a decade old, yet it has already managed to disrupt and reshape traditional enterprise systems globally. It is the first time in the history of computing that data sharing and security features are contemplated in the design phase itself and are not considered just as add-ons.
My co-founders and I were pioneers in blockchain, coding since the early days of Bitcoin. At DLT Labs, we now develop and execute distributed technology platforms to help businesses reach their goals with improved efficiency, transparency, security and cost-effectiveness. But even though we’ve seen blockchain transforming industries from banking to supply chain, there are two persistent – and contradictory – misconceptions I keep running into.
One is that blockchain isn’t ready for prime time. It may be fine for cryptocurrency, but it’s too slow or too complex to integrate into an enterprise’s production or legacy systems. The other is that blockchain is the one perfect solution to all of our business problems. It’s a solo technology that can do everything.
On the contrary, the truth is blockchain technology is very much ready to drive large-scale innovations. It can’t fix all of the world’s problems, but it is capable of solving critical data management and distribution challenges in a way that no other system can.
We at DLT Labs recently completed our largest project to date, a blockchain-based freight and payment network for Walmart Canada that allows the company to consolidate, share and secure data from multiple sources and generate real-time invoices. We realized throughout the course of this project that common blockchain myths are holding back other tech leaders and charting our own course has helped us succeed. Here are some key principles our team put into practice for this project and other ongoing ones.
Examine All The Pieces
Blockchain is not just a single technology; it’s a…