Blockchain framework  153

data store (called distributed ledger = DLT) that can be shared securely

across multiple parties. Blockchain technology adoption for similar

use cases would bring value addition for the business.

There are other technologies like relational databases that can pro-

vide data store functionalities. Business should select other available

technologies if the requirement is not to store consistent data and

share it with multiple parties.

• Do we need a tamper-proof log of all transaction to the data store?

Blockchain technology has provided an immutable record of transac-

tions since the initiation of the first record. This makes it easy to review

historical records with a confidence that they have not been tampered

with. Business should implement blockchain if there is a requirement

to have tamper-proof and immutable records of transactions.

• Do we need to modify or delete the data records? Blockchain provides

a data store with an immutable log of the transactions. Business with

requirements to modify or delete the log of the transaction from the

data store must not select blockchain as a technology.

• Do we require transparency and high availability for the shared

data across multiple parties? One of the qualities of blockchain tech-

nology is to have multiple copies of the consistent data store (DLT)

across multiple parties who are part of the blockchain network. This

feature provides in-build functionality to provide transparency as

well as high availability of the data store. Businesses should evaluate

if they have the similar requirements to provide transparency of the

transactions (historical as well as current) and high availability of the

data store.

• Are we within a regulated industry like financial services? Over the

past few years, there have been significant growth on blockchain use

cases within financial services. Financial services industry is highly

regulated, and businesses spend a huge amount of their budget on

legal/compliance and audit activities as per the demand from local/

global regulators. Blockchain can provide significant cost savings and

reduction in the risk. Blockchain can also provide real-time audit of

transactions for a specific use case.

• Do we need to carry out an audit for the business transactions? Any

business that is regulated by the regulators needs to provide various

types of audit reports to the regulators frequently. Most of the time,

businesses hire big consulting and accounting firms who are special-

ised in the audit activities. The whole process of auditing and com-

pliance takes lot of time, resources and more importantly money.

Blockchain can simplify and provide repetitive audit reporting in real

time to the regulators. This can be one of the important and cost-

effective use cases for any business that needs to comply with regula-

tions and laws.