John Rampton is an entrepreneur, blockchain enthusiast and online marketing guru. He is founder of the online payments company Due.
In this opinion piece, Rampton recalls the lessons he learned when trying to apply blockchain solutions to his startup. In serving as a record for every bitcoin that has been generated and transferred between parties, the blockchain has a critical role to play. Each cryptocurrency has its own blockchain, so it becomes very important to be able to use it correctly in order to maintain its quality and credibility as a value exchange network.
For me, I originally sought out blockchain for a project that would transform the online database functionality powering our online invoicing and payment system, which included the directory of users, their staff, and their clients.
Because of the complexity of keeping all this transaction data organized and secure, we wanted to offer a streamlined transaction system for our customers that offered greater payment options across multiple traditional and digital currencies while lowering transaction costs and speeding up the payment process.
At the time, I recognized the potential that blockchain technology had to help us quickly advance our technology and the solution we offered customers, thereby creating a competitive advantage.
The only problem? I hadn’t yet developed a deep knowledge of the technology, so mistakes were made along the way.
As a relatively new concept, blockchain is still evolving, so it’s easy to understand how mistakes can be made in terms of how it can actually be used. Many processes are still being tested to see if private blockchain applications will work for various business functions. By sharing the mistakes I’ve made, hopefully others can learn and avoid the same pitfalls
With that, here are the nine things not to do when using blockchain that we learned the hard way. 1. […]
