Do you need to use blockchain tech for your business?

At Wavect, we take a no-BS approach.

We are no strangers to saying no to clients, even if that costs us.

Blockchain technology is complex.

1/ Some projects want to utilize it because it solves problems.
We like these clients.

2/ Others use the tech as a smokescreen: to confuse and exploit less technical stakeholders to extract value.
We refuse to work with such clients.

3/ But then some clients think blockchain tech will be needed.
That’s not always the case - simpler is usually better. The more technologically advanced a solution is, the more expensive it is.

We want you to be clear on how to achieve your goals.

So we created this list of questions to help guide you:

1. What problem am I solving?

2. Can this problem be solved without blockchain tech?

   a) If yes - why would blockchain tech make the solution better?

3. Would my customers benefit from the transparency and trustlessness of blockchain tech?

4. Is decentralization necessary for my product?

5. What are the available solutions for scaling?

6. Are there any regulatory implications?

   a) For my stakeholders

   b) For my business

7. Can I afford to hire blockchain engineers?
   (engineers tend to be expensive + can be difficult to vet)

8. Do I know which blockchain I would use?

9. Can I ensure utilizing blockchain would not poorly affect the user experience?

10. Does Blockchain save costs and time, or increase efficiency?

These should be enough to act as your starting point.

And if you’re thinking of hiring a tech partner, watch out for these red flags👇️ 

But at Wavect, we want you to be as successful as possible.
So let’s not stop here.

You can also try the following chatGPT prompt.

I am building a product that [SOLVES XYZ PROBLEM] by [DOING THE ACTIVITY]. Our target customer is [include as many details as possible]. 

Act as a professional blockchain developer and evaluate if I should use blockchain technology when building my product.

I want to see the pros and cons of both:
- using blockchain technology
- not using blockchain technology

If there is a way for my solution to be built with already-existing solutions, I want you to tell me what to consider. Thank you

We hope that helps you even more!

If you prefer to chat with us directly, Kevin (our CEO) would gladly talk.

We hope you enjoyed this article 🙂 

We’ll give you a bonus one since you made it this far.

Ask yourself:
“Am I trying to reinvent the wheel with new fancy tech?”

Wavect is a software agency specializing in Blockchain Technology (Smart Contracts, Web3, NFTs and DeFi, Infrastructure).

Kevin Riedl, CEO, LinkedIn

Further reading