Top Organisations Are Innovating Securely, Thanks To The Blockchain
The growth of blockchain helps individuals as well as organizations the opportunity to elevate productivity. Blockchain can boost the transactional process among individuals, companies, suppliers, etc. to develop more flexible and efficient results.
Blockchain is an asset as it can provide security to the crucial data, allowing companies to prominently cut down the cost of trust and collaboration, which often prove to be expensive for the businesses.
Experts In a Harvard Business Review discussed how blockchain provides a distributed ledger system that records transactions between two parties smoothly and correctly and perpetually. It is designed to be immutable, which means, once a piece of information goes in, it can’t be changed. With the database being stored in diverse locations, if a hacker modifies one of the databases, the tampering would be revealed with the help of cryptography.
Apart from the attention-grabbing headlines, blockchain technology is increasingly triggering research and development among organizations. Across numerous sectors, fresh opportunities are emerging to reduce costs, streamline processes, increase safety and mitigate fraud, etc.
In SCM, organizations are already using blockchain to record items through complex supply chains. ‘Everledger,’ ( a London-based startup), is using blockchain systems to help abolish“blood diamonds” that are mined through child labor. The company has created a platform that records origin and ownership changes along with the supply chain and has recently invested $20 billion in it.
Reducing fabricate products is a big concern for many large brands, especially ones in the fashion world. The global market for forge clothing amounts to an incredible $450 billion, and blockchain provides a clear solution to this. If items are recorded on the system, manufacturers and suppliers can administer data about the products’ origins, and chain of ownership. Identifying assets on a blockchain give confidence to the buyers, knowing that their item is authentic.
Companies are taking blockchain and other technologies into consideration to streamline and innovate the automotive industry. Solutions are arising to address issues with vehicle-to-vehicle communication, cashless payments at highway tolls, etc. Beijing Mercedes-Benz Sales Service recently allied with a blockchain-based used car value management platform to learn the cost of depreciation of cars and automate the process.
Blockchain activity has been advancing for several years within the financial services sector. RBC, Citibank, American Express, JP MorganVisa, and MasterCard are among the long list of organizations conducting multiple blockchain-related efforts. Central banks are also adopting this technology. World Economic Forum portrays several use cases and how central banks are using blockchain technology to address long-standing issues within the industry.
Despite astonishing applications, blockchain isn’t compulsorily the answer for everyone. Blockchain and decentralized technologies facilitate data robustness and integrity and eliminate the need for intermediaries. However, they have certain disadvantages when related to more centralized databases and systems.
In a few cases, security vulnerabilities have given specific blockchain applications, a bad reputation, and slowed enterprise adoption. To develop their potential, security issues must be addressed. Additionally, some technologies are not ready for large-scale enterprise implementation.
So how can companies test the waters and determine if a blockchain solution is right for them? Conducting small, low-risk experiments to understand the full potential of blockchain can help an organization.
Pilots are great to start with. They are often easy to implement and provide a starting point for organizations to assess and expand once the information is familiar.
The instances here highlighted are about just a few of the industries being affected by blockchain solutions. From food safety to pharmaceuticals, there is enormous potential for enterprises to reinvent the way they operate and get ahead of the competition. We can develop efficiencies and solve problems that we haven’t been able to address previously with other technology, leading to substantial competitive advantages.