Even though blockchain technology has many applications and can be implemented in almost every major sector of management in Enterprises, then why do Enterprises avoid implementing it in most fields.
Blockchains are a secure and reliable method of data storage. However, implementing a new untested solution may be riskier than the problem itself especially if the work includes a collaboration of more than 1 business partners. This means that certain aspects of blockchain may never be implemented.
Tokenization is an important method of data storage that brings more control into the provider’s hand and with each item’s tokenization, the item becomes subject to double-spend controls.
At this point, most companies have consumer-supplier based management systems. The data is transferred in the form of invoices and inventory from the consumer to one supplier then the higher-ups while external contacts are kept out of the paying circle.
However, members of these kinds of chains do not know beyond their own work level at the system so any delay of mistake happening above or beyond their work-level will be unknown to them until it is too late to fix.
These systems may be inefficient and costly, but still, they still work properly without any big disturbances. Applying Blockchain here would increase the efficiency however it will be very risky in implementing its.
However, as blockchain continues to expand it is only a matter of time before even these companies adopt it in their management systems. Regardless, the implementation will not be a sudden one but will be applied sector after sector; small step after another.