Trust underpins every business relationship – it's what’s behind many of the world’s most successful brands. This trust extends to the way your company uses information about people and companies. And these days businesses and consumers want to work with brands they can trust with their data.
This is why organisations like Atos and the Smart Data Manufacturing Hub are using blockchain based solutions to enhance their reputation for being trusted and creating value with data. More than just the solution behind crypto currencies, in-house blockchain based tools provide them with ways to rapidly deploy services that store, manage, exchange and use data, in trustworthy ways.
Why Blockchain? Blockchain technology creates trust in business transactions – like the exchange of sensitive information – by providing a system that’s secure, auditable, and easy for people to use. Instead of relying on your reputation to build or maintain trust, blockchain takes away the need for it altogether, because anyone with the right permissions can review how, and when, their data has been exchanged.
Deploying your own enterprise blockchain used to be a complex affair. But now, a new generation of fast to deploy cloud-based tools are opening up the potential for trusted data exchanges for a range of sectors. In particular those with complex supply chains, or the need to manage and exchange sensitive data like personal information or IP.
Blockchain is a distributed-ledger system for securely recording, storing, managing, and transmitting transactions.
In recent times, blockchain may have been a little misunderstood. And that's mostly thanks to its association with cryptocurrency. According to Exin, ‘In the public imagination, blockchain and, ‘high-risk cryptocurrencies that tanked’ may be more or less synonymous.’
The reputation is unfortunate. Yes, crypto uses blockchain technology. But in some ways that should point to why it’s a good way to manage data. When set-up in the right ways blockchains provide the level of security needed to store and exchange information at the speed and reliability required by currency exchanges.
It’s not the only use for blockchain by a long shot. And blockchain itself isn’t risky at all. Understanding why that is and how it works are the first steps to understanding why it is such a smart way to exchange data. So let's have a look at the fundamentals of blockchain.
Blockchain technology is a type of distributed ledger technology (DLT), it provides transparency and increases trust, with multi-party visibility of digital events.
A distributed ledger is precisely what it says. Ledgers are places where we store information in a structured way. Ledgers used to be books. Now they’re most often databases. Distributed ledgers are places where information and data are stored in structured ways, and both the information and the structure are shared with anyone who has permission to query or add to the ledger.
Some distributed ledgers like the blockchain used by the Bitcoin cryptocurrency are very widely distributed – millions of people track and add to the ledger. Almost anyone can take part.
Other distributed ledgers are more private affairs, such as those used by companies like Atos for their in-house solutions, and those they build for clients. These are commonly known as enterprise blockchains – only the people and companies invited to take part can access these systems.
A distributed ledger improves data quality, integrity and visibility, by maintaining an immutable record of both data and transactions that provides everyone involved with access to the most up-to-date records. Its distributed nature means it’s great for transparency, trust-building, and reliable record-keeping.
This makes it perfect for the many industries that depend on security, trust and traceability, including the finance sector, legal sector, manufacturing and supply chain management. As well as areas such as credentials, tokenisation, accreditation and rewards, production waste, carbon credits.
Immutable - This simply means the blockchain is a permanent and unalterable network.
Transparent - Blockchain features and benefits include making data open and transparent in ways that haven't been seen before. Plus, blockchain users can remain anonymous while maintaining this transparency.
Reliable and secure - Blockchain is almost impossible to meddle with, as there’s a lack of single point failure.
Distributed - All people involved have a copy of the ledger for complete transparency. A public ledger means that all participants on the network and their transactions are available for everyone to see. To add a new block to the network, standard procedure has to be followed.
Decentralised - This simply means it doesn’t have it doesn’t have a governing authority or a single person looking after the framework. No humans equals no human error! It makes things simple and straightforward. You can store anything from important documents to valuable digital assets such as IP, and you get private and direct control over them.
Blockchain technology is already transforming businesses, industries, and ways of working on a global level.
Businesses face many data challenges including security, trust, storage, and accessibility. And in many arenas (supply chain management in manufacturing, the compliance and regulation needed in the legal industry, and defence just to name just a few) old-fashioned pen-pushing paperwork and outdated databases still prevail, despite being slow, unreliable, and rife with security issues.
The chances are, if you’re a business owner, employee, student, or even just a person trying to get along in the world, these challenges directly or indirectly affect you.
The very nature of blockchain-based systems directly addresses these issues – improving trust and efficiency, leading to data infrastructure and brands that people can put their faith in. Blockchain-based systems can streamline supply chain management, enhance security and save money in software development, and the transparency could even help us shift to a circular economy.
Blockchain-based solutions open opportunities for using data effectively and safely. But for many people, the advanced technologies and infrastructure required are a barrier to getting started.
Here at ByzGen our consulting service means we’ve solved these kinds of complex and critical challenges already, thanks to our easy to implement, enterprise blockchain platform FALKOR SI – supported by our experienced team of blockchain developers.
If blockchain implementation has piqued your interest, or you want to know more about how FALKOR SI can help your business, please do get in touch.