To consider whether a block chain makes sense for your company, a few questions should be answered:

  • Does the data or status have to be stored? If the storage of data is not provided for, a block chain is not necessary.

  • Are there several recorders? If there are several writers or active nodes that collect transactions in blocks and insert these blocks into the block chain, it can make sense. This technology offers no advantage if only one instance wants to store data.

  • Is there a trusted third party? If all parties involved agree that they can fully trust a third instance, a block chain is not absolutely necessary. The block chain offers the advantages of avoiding central instances and thus excluding corrupt authorities and banks at risk of bankruptcy.

  • Are all writers trustworthy? If all participants know each other, none of them is maliciously active in the network, but is trustworthy, no block chain is necessary. A regular database with shared write permissions would be the better solution.

  • Is public auditability necessary? In the case that all parties know each other but do not fully trust each other, the permissioned blockchain is a solution. If the writers in the block chain are to be subject to approval, but anyone can read the data, a publicly permitted block chain would be the best solution. In a private permissioned block chain, in addition to the writers, the readers are also limited.