It doesn’t matter which type of business you are running or in which industry you are in, you must have many projects going on in your firm as most of the firms are used to running multiple projects as each and every market out there has become very competitive. Well, you should also know that a big chunk of those projects is completely based on technology since it is the technology that is allowing businesses of every size to not only survive but also helping each and every kind of business to fuel their growth. Well, there are surely many technology projects that you can keep running in your firm but in this blog post, we are going to talk about one of the most talked-about technologies of the modern era and that is blockchain.

But you should also know that blockchain technology is still something like the western world for everyone else out there. There are many different types of cloud services being offered in the market out there and there is a large universe of platforms that can be used by businesses of each and every kind. This is one of the most important reasons why modern-day businesses need to make sure that they are not making any wrong assumptions regarding this fruitful technology.

In this blog post, we are going to discuss some of the most common mistakes that you should avoid while using any kind of blockchain technology or blockchain-based project.

Not using blockchain for creating immutable data audit trails

If you are using blockchain technology then one of the most common mistakes that you can make is not using the advantageous and fruitful blockchain technology in order to create immutable data audit trials. You should know that all the technology leaders out there are mainly using blockchain technology for deploying in-proofs of concept tests and they are doing this in order to address the same problem that can be handled by a conventional database. Well, this might come as a surprise but you should know that this is what is creating problems while using the advantageous and fruitful blockchain technology.

Most of the IT experts are not using blockchain technology as a decentralized ledger that will be able to support immutable data audit trials in order to exchange a single value of transactional truth. This is what creates a problem for the users of blockchain out there.

Thinking that blockchain is mature

If you have used technological solutions like cloud computing then you must be aware of the fact that such technological solutions have existed from a long time and this is why thinking that cloud computing is a mature technology is not wrong. But if you are thinking the same about blockchain technology then this is another mistake that you are making while using blockchain technology. There are many businesses out there who think that blockchain technology is already ready to be used for production but you should know that the market of blockchain technology is still fragmented platform offerings that are trying themselves to differentiate from each other.

There are many blockchain deployments that are mainly being used for confidentiality while others are using it for tokenization or even for the digital representation of fiat currency but most of the blockchain deployments are being used for universal transactions. We can still say that all those businesses who don’t have a strong hold on blockchain technology will find it difficult to work with it.

Getting confused between protocol and complete business solution

This is another mistake that you can make while using blockchain technology. You should know that blockchain is a foundation-level technology that will surely require an application to work on with it. If you will not be using an application for blockchain technology then there are maximum chances that you will not be able to fulfill your specific business needs.

There is no denial in the fact that blockchain can be used for a wide variety of purposes ranging from supply chain management to data sharing but you will need to include features like user interface, interoperability, and even business logic. If you will not be including these features in a blockchain project then there are maximum chances that you will never be able to use blockchain in the way it is supposed to be used. This is what will make blockchain more confusing for you and for your employees as well.

Not understanding the scale

If you are ready to use blockchain then you are on the right track as not every business out there is ready to use blockchain in their firm. But you should also know that if you are considering blockchain technology as a data storage system or just as a database then you are making one of the biggest mistakes of your life. You must be aware of the fact that scaling up or scaling down blockchain is not that easy as every node in the peer to peer network gets a full copy of the distributed ledger every time it is updated and this is what makes scaling up or down difficult.

If you are running a business and planning to use blockchain and then scale it according to your need then you are not on the right track. There are many difficulties that you will have to face while scaling up or scaling down the needs.

Author bio

Kashyapi Prajapati has been involved in the world of accounting software, SEO and cloud computing from a very long time and currently, she is working as a lead content writer with Cloudwalks, a QuickBooks enterprise hosting which offers affordable QuickBooks hosting pricing. Cloud computing and SEO is what she eats and drinks.