How can you know you are ready for blockchain?
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Blockchain has been one of the hottest buzzwords of the last few years. Initial Coin Offerings, tokenomics, the crypto-bubble, dApps, Bitcoin and Ethereum, all these words have dominated a large part of our professional lives, for those of us who are involved in this space.
Blockchain is a powerful tool, but it is often misused. One of the most common issues with blockchain is that it is used to solve problems that could be solved through traditional relational databases. Other issues relate to using wrong tokenomics models, choosing the wrong type of blockchain or not being aware of problems like scalability and speed of transactions.
In order to help you clarify whether blockchain is a good solution for your problem, the Tesseract Academy has created a blockchain framework which can help you out. The purpose of this framework is to make you rethink whether you really need blockchain, and if yes, what challenges might arise. One of the most useful parts of the framework is a breakdown of the different types of blockchain, which you can see in the table below.
|Blockchain Type||Open||Public Permissionless||Open to anyone||Anyone||Anyone||Bitcoin, Ethereum||Public Permissionless|
|Public Permissioned||Open to anyone||Authorised Participants||All or subset of authorised participants||Sovrin||Public Permissioned|
|Closed||Consortium||Restricted to an authorised set of participants||Authorised Participants||All or subset of authorised participants||Multiple banks operating a shared ledger||Consortium|
|Private Permissioned (“Enterprise”)||Fully private or restricted to a limited set of authorised nodes||Network Operator Only||Network Operator Only||Internal bank ledger shared between parent company and subsidiaries||Private Permissioned (“Enterprise”)|