“Using the blockchain in the entrprise area is like filling a round gap with a square piece of the puzzle” – Is it true that the blockchain and capitalism contradict each other, or are we just about to enter the economic revolution?

What problem can the Bitcoin formula solve? Or: How do we solve this problem?

The Bitcoin formula can solve many problems. In addition to pure payment systems, their characteristics of decentralization and immutability provide the basis for implementing many things. Companies are increasingly interested in using blockchain technology to their advantage. After all, the Bitcoin formula topic is new. And it is hot. Everyone wants to be a part of it, be the first to do so and benefit from the hype.

The direction of the questions is often the problem: Again and again the question is asked which problem the blockchain can solve. “No” is the answer in the most frequent cases. Not because the blockchain offers too few possibilities to discover new use-cases with it, but because the question is past oriented.

The Blockchain as Non plus ultra

We must begin not to see the blockchain as a non plus ultra, as something (like the Internet today) that everyone must be able to use once, and which, among other things, is about the speed of being one of the first to be there. It is much more about seeing the blockchain as an approach, to put it in economic terms, an “approach” that can be considered when solving a problem.

In order to measure the real potential of the blockchain, the question must be asked what a decentralized approach means for one’s own industry. A blockchain does not make sense in all cases. Often enough, it even contradicts conventional business models that do not work in combination with the technology.

This does not mean, for example, that a bank should not deal with blockchain technologies because a blockchain, as in the case of Bitcoin, could replace the huge construct of the conventional banking system, but that banks should consciously confront this question in order, on the one hand, to sound out the disruptive effect this development has on their own business and, on the other hand, to carry out a structural change. It may be that the classical, public blockchain completely contradicts the concept of a bank. This is not one reason for avoiding it altogether. From the bank’s point of view, shrinking one’s own business is perhaps more advantageous in the long run than replacing it by others through the implementation of these ideas.