Choosing the Right Blockchain Platform for Your Small Business

Tuesday, November 8, 2022

Evaluating and Selecting the Ideal Blockchain Solution to Meet Your Needs

In our blog series, “Demystifying Blockchain for Small Business Owners”, we've been exploring the world of blockchain technology together, diving into its basics, applications, and how to get ready for its adoption. We know that as a small business owner, there is a lot to consider when picking the perfect blockchain platform that lines up with your business goals and tech needs. Don't worry - we've got your back! 

In this blog post, we'll be your trusty guide, helping you navigate the process of evaluating and choosing the best blockchain platform that's just right for your business. Let's do this!

What Are Blockchain Platforms?

Blockchain platforms are software ecosystems that enable the creation and deployment of blockchain-based applications. Imagine blockchain platforms as giant toolboxes filled with everything you need to build and run blockchain apps. These toolboxes include all kinds of tools and features that help you create amazing apps, like smart contracts, decentralized apps, and digital assets.

Each platform has its own unique strengths and weaknesses. So, it's important to choose the one that's the best fit for your business needs and goals. Think of it like picking the right tool for the job - you want to make sure you have the right one to do the job well!

Step 1: Define Your Business Requirements

The first step in choosing the perfect blockchain platform for your small business is to define your business requirements. This means taking some time to think about what you want to achieve with blockchain technology, as well as your technical needs and preferences. 

Here are a few questions to help you get started:

  • What are the specific problems or challenges you want to solve with blockchain technology? Is it streamlining your supply chain, improving your payment processing, or enhancing your data security?

  • What are your goals and objectives for implementing blockchain? Do you want to increase efficiency, reduce costs, enhance transparency, or open up new revenue streams?

  • What are your technical requirements, such as scalability, security, and performance? Do you need a platform that can handle high transaction volumes, provide robust security features, or ensure fast processing times?

  • What are your preferences regarding public or private blockchain networks? Do you want a more open and transparent network or a more secure and private one? You can refer to our earlier blog post to learn more about the differences between the two.

Once you have a clear understanding of your business requirements, you'll be better equipped to evaluate and select the right blockchain platform for your small business. Let's move on to the next step!

Step 2: Research Available Blockchain Platforms

After figuring out your needs, it's time to dive into the world of blockchain platforms and see which ones match your requirements. Here's a list of some popular blockchain platforms you might want to check out:

  • Ethereum: This super versatile and widely-used platform is great for creating smart contracts and decentralized apps (DApps). It's like the Swiss Army knife of blockchain!

  • Hyperledger: If you're looking for something more focused on businesses, Hyperledger offers a collection of open-source blockchain tech designed for enterprise use. It's all about private and permissioned networks here.

  • Stellar: Got a finance-related business? Stellar might be your go-to platform! It's all about making cross-border transactions quick, easy, and cost-effective.

  • EOS: If you need a platform that can handle lots of users and transactions without breaking a sweat, EOS is designed for building scalable and efficient DApps.

Step 3: Check Out Platform Features and See What Works for You

When you're looking at different blockchain platforms, keep in mind how their features and abilities match up with your business needs. Here are some key things to think about:

  • Consensus mechanism: Take a look at how the platform agrees on transaction validation and keeps everything secure. It's like the platform's decision-making process - you'll want one that fits your business.

  • Scalability: Can the platform handle lots of transactions and grow with your business? You don't want to pick one that can't keep up with your success!

  • Flexibility: Make sure the platform can be customized to fit your unique needs and requirements. One size doesn't always fit all, so find one that's adaptable.

  • Developer community and support: Don't forget to check out the platform's developer community, resources, and support. Having a solid support system can make it way easier to get things up and running and keep them running smoothly.

Step 4: Weigh the Costs and Potential Payoff

When looking into blockchain platforms, don't forget to think about the costs that come with setting up and maintaining your chosen platform. Here are some expenses to keep in mind:

  • Platform fees: Just a heads up, some platforms might charge you for using their infrastructure or services. Be sure to factor this in!

  • Development costs: Remember, you'll need to account for the expenses of creating and launching your blockchain solution, like hiring developers or buying any hardware or software you need.

  • Maintenance costs: Like with any tech, there are ongoing costs to keep things running smoothly, including updates, security, and support.

Now, compare these costs to the potential benefits that your chosen blockchain platform could bring, like making your business more efficient, saving money, or even creating new ways to make money.

Step 5: Choose Your Platform and Move Forward

Now that you've looked at your business needs, technical requirements, and costs, it's time to pick the blockchain platform that feels just right for you. Go ahead and make that decision with confidence!

As you start using your chosen platform, keep an eye on how it's performing and be ready to make any changes to your plan if needed. Remember, staying flexible and adapting to new situations can be key to success.

Now that you've picked the perfect blockchain platform, let's make sure your solution is secure. In our next blog post, we're going to share some tips and tricks to help you protect your blockchain from any threats, weak spots, and risks that might be lurking out there.

By learning and using these security steps, you'll be a pro at keeping your blockchain investment safe and sound, and your customers, partners, and stakeholders will trust you even more. Stay tuned!