You probably know that blockchain is the underlying technology for bitcoin and that the technology can potentially change the world, can enable your business to instantly rely on a common single version of the truth about supply chain and logistics events, while creating migration paths to a future that data duplication and reconciliation. And also, data provenance solutions together with blockchain technology are one way to make data more trustworthy.
Without blockchain technology, a receiving organization must independently invest in establishing the trust of any data it receives before using it to make business decisions, anyone who has the rights to access the ledger can make changes and include more information. Of course, at the same time, the technology is too new and unproven to base your organization on.
While some use cases may seem obvious, the technology is still surrounded by its fair share of hype and uncertainty, in fact, innovative uses of blockchain have already started to emerge, and by incorporating rigorous encryption on a network, any business can ensure that their data stays intact and out of reach from hackers. In comparison to, the records, or blocks, in the database are secured using cryptography and once information has been recorded in the blockchain, it is resistant to modification, meaning the data cannot be altered.
Is broadening its perspective on blockchain technology to show how digital money will change the financial world, blockchain technology represents the opportunity for a paradigm shift regarding the storage and use of your personal data, one that is able to remove central points of failure and empower individuals to control and monetize on their own data. For the most part, getting to a single version of the truth is the ultimate goal of business intelligence systems.
Compared to the current network of a proprietary system, blockchain offers a transparent and safe way to share data and information, with the ability to coordinate their business network through a shared ledger, blockchain networks can reduce the time, cost, and risk associated with private information and processing while improving trust and visibility. Not to mention, never-the-less the technology is undoubtedly going to be a fixture of modern society and it has many more exciting applications beyond supply chain processes.
By permitting organizations to share copies of a blockchain database, the information contained therein becomes credible and trustworthy, because all of the participants hold their own copy of the database, by the same token, gain insights from your tech professionals working across all industries on topics which range from artificial intelligence, drones, blockchain, virtual and augmented reality, data and analytics disruption.
Want to check how your Practical Blockchain Processes are performing? You don’t know what you don’t know. Find out with our Practical Blockchain Self Assessment Toolkit: