How Will Your Enterprise Utilize Blockchain Technology?
April 9, 2018
Increased visibility of data can lead to many improved outcomes in business, and companies’ search for new and more accurate ways to track transactions and other records has led them to blockchain technology. Though blockchain systems won popular cachet as the principle behind Bitcoin and other cryptocurrencies, their business uses go beyond payments.
A blockchain is a centralized, distributed ledger that employs encryption algorithms based on its own existing records when a new entry appears. When the ledger updates, it stores all previous transactions and can’t be covertly altered. This technology has caught on with 40 percent of executives. Of those early adoptees, 40 percent have $5 million or more invested in its development.
Data integrity is at a premium today. Corporate partners need information they can trust absolutely, and blockchain systems give them a great way to get this level of certainty. Instead of introducing a third party to maintain data, businesses can employ a decentralized ledger to securely keep their records accurate.
The decentralized nature of blockchain-based data gives security benefits. There is no one system criminals can breach to get the data they covet, and plenty of ways for blockchain users to share data safely, even sensitive information such as medical records.
Development of blockchain technologies has gone beyond the ledger stage and expanded to programs and contracts that react to record changes in real time. Stakeholders in the industry are currently working on more efficient methods of adding blocks to chains and dealing with the heavy energy and digital storage needs of blockchain systems.
There are many different ways to apply blockchain systems to common business problems, and each firm will have to find its own unique use case. The democratization of data is a huge concept for companies to grapple with, and its effect on overall business operations could be vast.
Read our full Blockchain Guide to learn the 4 steps you can take to begin your blockchain journey.