My startup in Blockchain System and 9 mistakes I made

1. Incorrect understanding of the Blockchain System

While it’s getting easier and more dynamic with usage, I’ve made the mistake of assuming that I understand the blockchain system in its entirety. It is a much better idea to take time to read the existing scientific articles and how-to guides. It’s also a good idea to seek information from companies already working in the field of Bitcoin and Blockchain. In addition, you should visit forums, ask questions and build a more practical understanding. If I had done that first, I would not have tried it all the time, wasting so much time and resources. For example, I would have understood much sooner that certain file systems can sit outside the blockchain and still work without leading to operational redundancies.

2. Choose the wrong Blockchain software for my business

First, I made the mistake of complaining about the Bitcoin Blockchain system, as a) this was the one I’ve heard of before, and b) it was the one that existed longest in terms of stability. This made her the most likely choice – but not necessarily the choice that suited my business. After looking into the existing range of previously developed and deployed Blockchain software, I realized that the problem was that it was not necessarily the one that came closest to my business goal. Although the new Blockchain software still needs to be adequately tested and may not be the most robust, I’ve found it to be more in line with my business needs.

3. Be impatient and try to impose Blockchain

I thought everyone else was just as excited about the potential potential of the blockchain system for various business applications. And yet, it struck me that it took time for other organizations I wanted to put in my private blockchain to adapt to it. Not only did I have to convince them of the value, we also had to agree to use the same software – which did not turn out to be the easiest process. Since then I have learned to be patient. At the same time, I decided to take a proactive approach and show organizations what benefits they can benefit from. Ultimately, I think they are already behind it – possibly.

4. Thinking that any business could be improved with the blockchain system

Do not get it wrong, I did not accept that myself. Since the blockchain is as flexible as a part of the machine technology, it can support any business function … And that’s exactly what it does not do – at least not yet in its current form. The good news is that the network is accessible only to a limited number of users, so anything that does not work will not ruin the entire business or brand.

5. Believe that the system is already protected against user errors

While the Internet uses domain names rather than numeric IP addresses to access pages, blockchain nodes are addressed by public key hash, which in turn makes human errors more likely. This has happened to me like so many others, so it will help to develop something that works much like domain names on the internet.

6. Do not limit key use

Within an organization, not everyone should have access to the private key that decrypts the blockchain. This could make the blockchain unstable because people do not always know what they are doing there. Since the network has to be available for access, I had to decide which rules a user should be allowed to access and then how to come to those rules. I am still working on an emergency plan should the private key be corrupt or lost.

7. Make the blockchain too “heavy”

I’ve found that blockchain can swell up a lot in business applications with high information density between different documents. This is because the blockchain copies itself in each node. To make the blockchain a little lighter, which should increase the process speed and efficiency at the same time, I have linked the blockchain to an external data source. Although it loses some of its reliability by separating data, this solution is still better than a heavy-weight blockchain.

8. Overlook that the blockchain as a database also has limits

It is an excellent solution for a secure and private database, but not an endless data dump that absorbs any form of data. Using the blockchain as a database application on a large scale is a mistake. As a database, not only can it contain all the information in a reliable manner, but it can also become very complicated when other databases are added to analyze the existing data. 9. Overlook the possible vulnerabilities of the blockchain. Since I was totally taken with this new technology, I thought that this was the universal solution to all the problems – but the truth is that there are still many built-in deficiencies that still need to be corrected.

The system continues to evolve, which in turn can lead to further deficiencies, which in turn must be treated again. That meant I had to be more careful before integrating Blockchain technology into applications for my business. Instead, I’ve reached a test phase where I can see how to best address the shortcomings that have occurred. This is another reason why it is important to continue researching, reading and being active in forums, and to be at the forefront of crypto currencies.

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