A Step-by-Step Guide to Conducting a Blockchain Feasibility Study

evangelineclaire07
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posted on 1 week ago — updated on 1 second ago

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This guide walks you through 5 essential steps to evaluate whether blockchain is the right fit for your business—from defining the core challenge to choosing the right chain type and projecting costs. Learn how blockchain consulting services help avoid misaligned decisions and maximize ROI before you write a single line of code.

A Step-by-Step Guide to Conducting a Blockchain Feasibility Study

Before diving into development, every blockchain initiative should start with a feasibility study. This analysis determines whether blockchain is the right fit for your use case—and how to approach it smartly.

Step 1: Define the Problem

Identify the core challenge: is it data transparency, trust, automation, or cost?

Step 2: Assess Fit for Blockchain

Could a traditional database or ERP solve this better? If not, blockchain may be viable.

Step 3: Evaluate Stakeholders and Data Sensitivity

Blockchain isn’t just about tech—it’s about governance. Who owns the data and how will it be validated?

Step 4: Select Suitable Chain Type

Public vs private vs consortium—what works for your regulatory and scalability needs?

Step 5: Cost and Benefit Projection

Include development, maintenance, compliance, and education costs.

This foundational step is often overlooked, which leads to misaligned solutions. Reliable blockchain consulting services help conduct feasibility studies tailored to your industry, saving time and resources.