Is Blockchain a silver bullet?

It has been a while since I first decided to put together my thoughts about this attractive technology; Blockchain. The main reason behind is the fact that there is a lot of hype and cloudiness around it that means sometimes it’s not possible to see the truth – and also the real potential – behind it. Let me explain what I mean.

When there is a business issue that you want to tackle, you use a methodology – such as design thinking – to be able define the solution that would solve the original business issue. In the definition of the solution, there are three pillars:

  • People
  • Process
  • Technology

Blockchain sits within the technology pillar, representing a transactional data storage technology. It is a distributed ledger, it’s cryptographic.

Whilst it is overly simplistic, we use the analogy of the trunk of a tree.

Every ring, represents a record, that is sealed cryptographically and contains a hash pointer to the previous block – securing it irrefutability and immutability.

Since its power also comes from the consensus within identical peers, we can extend the analogy to a forest of trunks which are connected and identical.

But a tree is useless without branches and fruits. Using our analogy, Blockchain is the trunk of this tree, with many branches using its core properties.

Usually a technology by nature, does not solve People or Process issues. However Blockchain – thanks to its irrefutable and immutable structure – also brings trust into the play. That’s the reason why today many multinationals think of it as a solution and try to plug it in in different aspects of the business. But it is often in danger of falling into the trap of being a solution looking for a problem.

We, as Portera, focus on delivering commercial advantage through orchestrating technology. And our approach is technology agnostic. We care first for the commercial issue. This approach, is the main reason behind the fact that we are collaborating with 4 multinational companies to explore different opportunities to implement Blockchain-based solutions and crack long-standing business issues. From Supply Chain to marketing, HR to IT, we are running multiple pilots to discover several use-cases, and validate the business case.

It isn’t a silver bullet, and won’t solve all problems. But it does offer fantastic potential, when deployed in innovative ways. That’s why, in 2018, we encourage you to play with the technology to understand what it has to offer.

About Portera

We are a strategic consultancy with core specialisms in strategy, data and marketing technology. We support global businesses to convert technology into a commercial driver.  Tech is the essential business enabler – but we keep its focus on cost efficient business growth.

To find out more about Blockchain and the Loyalty and engagement platforms we’re developing, drop us a line to hear about recent case studies and to begin exploring what it could mean for you.

Scroll to top