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to govern and provide dispute resolution for transactions between

multiple entities. This kind of use case requires a thorough analysis

and feasibility study of the blockchain product type and consensus

they should invest on. Usually in these type of use cases, PoA and PoS

consensus algorithms can possibly work well.

Use of smart contract – smart contract decision tree

Smart contract technology is nothing more than an existing set of processes,

workflow and rules of the business processes converted into software codes.

Ethereum was the first blockchain product that came up with an in-built

smart contract technology and its own Crypto currency; however, many

more products do offer smart contracts and a way to integrate with an

external payment gateway.

List of questions

• Does our business need to involve multiple intermediators to complete

a business workflow?

If our business deals with multiple intermediaries locally or globally as

part of a workflow, smart contract might be an appropriate choice. Smart

contracts can automate a complex and manual workflow. Businesses can

reduce the operational cost by removing intermediators from the work-

flow. Smart contract can also reduce human errors, improve security,

provide transparency and also make the end-to-end workflow quick.

• Does our business involve in a transactional workflow to transfer the

assets?

If our business model mostly deals with online sales that require

transferring the digital assets, we might benefit from the use of smart

contracts. Smart contract can make the expensive and time-consum-

ing manual process fully automated. We may save a lot of money by

automating the business workflow. Smart contracts can also improve

security and transparency of digital asset transfer and ownership.

Smart contract can reduce the requirements of legal and operational

teams, saving a huge amount of operational cost.

• Does our business involve with end-to-end workflow with legal laws

of local as well as global regulations?

Businesses under regulated industries have a huge accountability to

provide reporting to regulators. The whole process of regular repeti-

tive reporting takes a lot of time and cost and a huge sum of money.

These types of use cases are the best ones for blockchain adoption.

Smart contracts can automate the process, reducing any human errors

that can even lead to huge fines from regulators. Smart contracts can

also provide value addition by making the reporting on-demand to be

used by regulators.