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Enterprise blockchain usage is one of the most critical factors driving the adoption of this exciting and potentially revolutionary technology, not to mention cryptocurrencies as well. I have worked in multiple industries and know that when the enterprises and corporations are excited about something, it shows. It has a lot of value and potential. You cannot picture Microsoft, IBM, Amazon, Facebook, and similar companies spending time and effort on a fly-by-night phase.
But with this growth in enterprise blockchain adoption, the question that keeps coming up to me is why should they use it? Companies want to know if they need blockchain, and why they should use it, especially with decentralization being one of its flagship pillars – something that flies in the face of corporate governance.
I want to answer this question once and for all and show why blockchain is a good fit for companies even if decentralization is not necessarily for them. Blockchain is such a powerful tool, such a disruptive force, but because of its broad application, it can be manipulated to provide many benefits.
A look at the other pillars
If we talk about decentralization being one of blockchain’s primary pillars, another key one holding the technology up is its transparency. Transparency, in companies and corporations, has gained a new level of importance in the digital age.
As people have become more aware of how they have, in many respects, become the product due to their data, they are demanding protection and accountability. The GDPR in Europe, the Cambridge Analytica Facebook scandal, to name a few, has brought the need for corporate transparency to be part of an organization’s culture when it comes to individual data.