John Rampton Shares His Experience of Blockchain-Technology Business Application

The entrepreneur in the sector of Internet-marketing, founder of the online-payment company Due, John Rampton, has decided to share his experience of blockchain-technology implementation, which he actively supports.
Blockchain system performs a function that helps in generation of Bitcoins and their distribution among participants. To keep the cryptocurrency exchange process qualitative and reliable, the blockchain technology should be applied in the right way.
The entrepreneur has decided to use Bitcoin-blockchain for conversion of electronic database functionality within the frame of his business-project, for control of digital payments and invoices.
John Rampton has decided to reduce prices of transactions and accelerate their processing due to using not only traditional currency but the digital one as well. This would arouse clients’ interest and ensure secure and classified data storage for the company.
On theoretical grounds Rampton has realized that blockchain technology has high potential and is capable of successful realization of his project. But as it has turned out, this technology should be learned deeper so not to make inexcusable mistakes.
The entrepreneur has deemed his duty to share his not quite successful experience, which he considers as a very useful lesson. He would like to prevent other people from repeating his mistakes, which he counts nine.

1. It is necessary to understand a principle of blockchin operation. Before to implement something new that represents a complex system, you shouldn’t apply it without studying the essence of the technology and a key principle of its operation. Do not grudge the time for this. Internet offers plenty of useful information. Besides that, it would not come amiss to participate on forums, where you might exchange practical experience with colleagues. But, unfortunately, Mr. Rampton hasn’t done this and hasn’t figured out the important aspect that some systems can operate out of blockchain.

2. In accordance with an objective, appropriate software should be installed.

It is not enough to know that the technology is popular and deserves attention. It is necessary to figure out whether its parameters and operation principles suit a specific business model. The entrepreneur faced similar problem when he had discovered that Bitcoin blockchain is not exactly what he needs for his project. If somebody applies something successfully it doesn’t mean it will suit any system.

1. Rampton spent a lot of time to assure employees of other companies in practicability of Bitcoin-blockchain implementation. He believed that if he is interested in this technology, so all other people will join him and become blockchain supporters. However, the entrepreneur had enough patience and influenced his partners, who agreed with him later.

2. Is it possible to improve any business function through Bitcoin blockchain application? The entrepreneur mistakenly thought so. Blockchain is not flexible enough to get through.

3. Is Bitcoin blockchain system capable of withstanding users’ mistakes? To accomplish this it is necessary to develop a special solution similar to domain names instead if IP-addresses for indicating a location.

4. Only specific people should use a privacy key; it shouldn’t be available to all employees. As some wouldn’t be able to use it in the right way. This may harm the ledger.

5. If to use Bitcoin-blockchain for solving a great number of complex commercial issues, a huge volume of information is continuously accumulating. Blockchain should be unloaded through linking to another source with external data.

6. A data base of Bitcoin blockchain has limits. You need to realize that this system cannot be applied with the purpose of secure storing of endlessly increasing data volume. Misunderstanding of this aspect results in mistakes of its implementation.

7. Being unique, blockchain system cannot be considered as flawless – the business hasn’t noticed its disadvantages. The major mistake of Rampton is in accepting the technology as the perfect one. He took into consideration that it is new, but he didn’t take into account that it was still in the process of its development. Even being imperfect the system merits attention; however, prior to its implementation you need to weigh up all pros and cons. This reason makes entrepreneurs studying the phenomenon deeper. There are many resources about Bitcoin blockchain: it is worthy to communicate and share opinions with people who have experience of its application.

Despite all mistakes made by Rampton, he and his employees has succeeded to implement this innovative technology and use it for his project realization.
John Rampton makes much of great possibilities of the innovative Bitcoin-blockchain technology. But it endures no amateurism as it is rather complicated development; it is necessary to study well the principles of its functionality. Then you need to test it in order to determine whether it fits to a specific business model. Reputable companies that are in the process of continuous development always do their best not to miss an opportunity to improve their business structure, management system and business functions. That is why they are always ready to implement and apply innovative technologies. Blockchain is one of them: it is worthy of closer look in order to promote business development.