Blockchain is one of the most exciting new technological developments in years and has tremendous potential, particularly in Fintech and Meditech. Blockchain’s decentralized, distributed and public digital ledger records transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks. Flutzoo has advised clients on the suitability of Blockchain for their unique situation and when Blockchain is not appropriate, such as in situations where there is no need for a distributed ledger or more than 51% of the processing power will be controlled by one or more related entities.
The development of Blockchain is expensive and will remain so until it is widely adopted. There is no reason to incur this expense unless it is truly needed and many disreputable developers and consultants are inappropriately pushing clients into blockchain when there is no advantage to the client and it is only to the developer’s benefit to charge more.