Blockchain technology brings businesses to a turning point in their business operations. With the growing development of data sharing and connected devices, businesses must evolve to become connected businesses that share data both within the organization and externally. Blockchain can solve many issues related to secure online transactions and data storage, and the technology is extremely scalable. But here's the question: how can companies leverage blockchain technology while maintaining control over their participants and their data?
Fundamentals of Business Chain
Along with scalability, the blockchain offers unprecedented data security benefits. However, because the technology is so recent, companies considering adopting it may need to update their technology protocols.
Businesses can take several approaches to build the appropriate infrastructure to support blockchain technology, but the approach chosen by each company largely depends on its sophistication and existing cloud architecture.
A private blockchain solution requires a decentralized network in tier 2 or tier 3 data centers with cloud technology. Such a network provides the physical footprint necessary to access blockchain platforms hosted in public clouds such as Microsoft Azure or IBM Cloud. Companies planning to create private blockchains will also need a network (public or private Internet to improve performance and security) to connect the corporate environment and the public cloud platform. The private connection is essential to guarantee the highest levels of security, performance and availability of data exchanged on the blockchain.
Organizations that already support multiple cloud environments may not want to add additional cloud components just to support a blockchain platform. In these cases, blockchain nodes, as service companies, use simple API code to connect enterprises to key blockchain protocols through private, public, and hybrid cloud environments. By leveraging the cloud connectivity network and underlying data centers of vendors such as Zayo, blockchain companies can simplify the process of deploying blockchain nodes across all major infrastructures (Bitcoin, Ethereum, Stellar , etc.) without undertaking major infrastructure projects.
The most important factor for managing and securing data on the blockchain is to define clear permissions to allow the necessary parts to access the code. This may require increased collaboration between the technical department and other divisions of the company; programmers may need to access code for different processes. However, only the staff required for storage and data management should be able to access the blockchain platform.
Health organizations are already seeing the benefits of allowing a large number of stakeholders to have access to blockchain data. The status quo in medical records is a heavy and redundant system in which patient data is manually shared between providers, physicians, nurses, insurance companies and patients. The potential for error and waste is extremely high. Blockchain creates a single source of secure patient data that can be accessed by the relevant stakeholders via an encryption key. This reduces the risk of error and ensures the protection of confidential medical information.
Fortunately, options are appearing in industries, which can reduce the barriers to blockchain integration into your company's systems. Network vendors are one example: For businesses to successfully operate a blockchain private platform, they need a network of distributed cloud nodes with a secure private connection to the cloud provider of their choice.
Next-generation network providers are starting to work with blockchain world leaders to ensure the future of connected businesses and businesses dependent on an unprecedented and growing volume of data from billions d & # 39; devices. Companies that are able to adopt blockchain technology will have the ability to validate and store all this data – securely and on a large scale – and forward-thinking providers help them do so.
Investing in new technologies
Companies should also be willing to invest in the off-line tools needed to support blockchain systems and recognize that different processes may require different systems. The adoption of blockchain technology will be a complex undertaking involving multiple stakeholders within the organization (especially because the blockchain has considerable implications in many sectors).
The sector of finance for example, has undergone significant changes because of the use of the blockchain. Technology has affected fund transfers, as well as the clearing and settlement of securities, commodities and derivatives. The Blockchain has the potential to eliminate the need for centralized clearing authorization, allowing smart contracts triggered by an event to settle transactions.
Technology has also improved visibility on asset ownership. Because blockchain records are immutable, there is no question of who owns which asset at a given time. This is important for the financial sector, where millions of shares and physical assets are traded daily. This allows for streamlined life cycle management of assets.
Although the establishment of an infrastructure for a blockchain platform requires a considerable initial investment in time and resources, it allows the rationalization of a company's processes and, in the end , to achieve increased productivity and profitability.
The block chain can also enhance the user experience, especially in retail space . Building trust relationships in a chain of blocks allows for frictionless, peer-to-peer transactions and merchant-driven customer loyalty programs that can be based on data, which can help to ensure the integrity of the supply chain. As consumers become increasingly concerned about buying ethical foods, clothing and household products, the blockchain can be used to track goods along the supply chain to reassure consumers on the fact that they buy products consistent with their values and the buyers that they receive exactly what the contract was for.
Companies Need the Blockchain
All businesses need to consider the benefits that blockchain technology can have for their businesses and strive to understand the investments needed to gain a competitive advantage. Early users will discover cutting-edge strategies for capturing, tracking and securing data (and revolutionizing their businesses in the process). As blockchain technology becomes more and more ubiquitous, it will be more and more difficult to catch up with those who are lagging behind.