The US Treasury advises companies and other organizations not to give in to the hype and hire skeptical specialists to work with blockchain.

The Bureau of the Fiscal Service of the US Treasury published recommendations on how to evaluate the potential of blockchain implementation in the working process. The list of takeaways consists of five key points, which advised not to be blinded by the hype around the technology, to objectively assess the benefits of its implementation and to hire not only blockchain enthusiasts but also professionals, feeling skeptical towards the new technology.

"A team comprised of only pro-blockchain people can be blinded by the hype and force a square peg into a round hole."

  • In order to understand whether an organization needs blockchain solutions, it is necessary to answer a few questions, which are:
  • Do you need a structured central repository of information?
  • Is more than one entity reading or writing transactions to a database?
  • Is there less than total trust between parties/entities in the ecosystem? (for example, one user will not accept the “truth” as reported by another user)
  • Are central gatekeepers introducing costs and /or “friction” when verifying transactions (for example, manual verification)?
  • Is there routine or logical interactions that occur that could be programmed to self-execute (for example, smart contracts)?

Fiscal Service Bureau also advises to carefully interview all the participants of the current system in order to identify pain and good points and recommends to create a business process map for understanding whether a solution is possible without the blockchain implementation.