Blockchain is a new promising technology for SMEs. This paper analyses 17 blockchain feasibility studies in order to answer the question, in which cases blockchain creates value for individual companies and how does it create this value. The research is conducted by Windesheim and Rotterdam Universities of Applied Sciences and 23 consulting at small and medium size enterprizes (SMEs) that were acquired by the consortium partners of the Blockstart project. The data was collected by extended interviews, the results of which are categorised into 13 criteria. In the paper these criteria for the individual companies are compared and analysed. The results of the analysis are that blockchain can add value in most cases in three ways, the first important factor is cost reduction. The second one is enhancing existing processes which is often related to avoiding risks. Blockchain as a trust anchor can provide traceability of transactions and prevents costly disputes or provenance claims, creating a win-win cost reduction. Thirdly, blockchain can contribute to the market position of a company by creating a new playing field in an existing market. This can be reached by means of a platform for transactions, creating access to information that supports trust, in a secured manner. For these value adding factors the question whether to apply blockchain or not can be definitely answered by a ‘yes.