Think back and imagine some of your fondest and easiest to remember memories. Most likely an image is connected to those memories, and thus they are clearer and easier to remember. One of my favorite memories is a Lincoln Logs cabin that I built in the basement of our house with my son, for it was a great father-son moment. The most important factor when considering the functionality of Lincoln logs is the logic behind how they fit and the rules that they are bound to; Blockchains are very similar. A blockchain is like a single Lincoln log that is put together with other logs. What happens when they are put together? They become linked. Now imagine if the name of the creator of these Lincoln logs, Frank Lloyd Wright and the date of individual creation was printed on each log. Regardless of the order, pattern, or structure these logs make up, you) will be able to tell exactly who created each one and when. The verifiability and auditability brought about by this, now public info, printed onto the logs allows us to ensure each piece we use is part of the original game. Now, once our structures get viewed or played with, nobody ever has any concern of counterfeit pieces or pieces from a different set – we have totally auditable and ledgered authenticity.
As we can see, using the image of the Lincoln Logs makes it much easier to remember the purpose of the blockchains and this understand can be transformed into our own blockchain equations when we interject a similar picture into our business or governmental concept. Thus, answering our question if we really need one or not?
This question is essential for every entity in considering their future strategic technological paths. Therefore, you will find a guide that I have modified from the World Economic Forum as to the question of utilizing a blockchain in one’s business or organizations life. It’s as simple as that, and the graph below will undoubtedly leave a picture in the readers mind of whether they need or don’t need to utilize blockchain technology in their future.