What is the algorithm to quantify the need for blockchain?

For the aforementioned factors, ensure that you draft two separate factors for each question—a criticality factor question and a satisfaction factor question. The answers to these questions should be given by the participants. For example, the first factor on truth can be expanded with the following questions:

  • Criticality factor: Is reconciliation between parties critical?
  • Satisfaction factor: Is the current reconciliation between parties satisfactory?

Formulate all other factors and expand them to gauge the criticality factor and satisfaction factor. This becomes key to the equation that will help justify the need for blockchain. Here, I'm attempting to formulate an equation to justify the need for blockchain: let me call it the blockchain justifying equation (BJE).

Let's use this BJE to quantify the need for blockchain. Assign a number to the use case factor and check whether the employment of blockchain is justified or not for the given use case. In other words, we can say that use case factors are paramount in highlighting the usability of blockchain. In this section, I will try to draft an equation to justify the need for blockchain. The need for blockchain is as follows:

  • Justified: When the use case is critical to the enterprise, but it is not well served currently. This means that they are not satisfied with the current solution.
  • Not Justified: When the use case is not critical to the enterprise, but it is currently well served. This means that they are satisfied with the current solution.

Conclusively, we will consider the need for blockchain when the outcome is justified; otherwise, there is no need for blockchain.

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