How can blockchain technology build trust in your data? Our first blog for the month looks at blockchain and trust. Why trust underpins every business relationship – and how it’s the key ingredient to some of the world’s most successful brands (Atos and the Smart Data Manufacturing Hub, to name just two). Using blockchain based solutions can build trust, instead of relying on reputation to grow or maintain it, blockchain takes away the need for it altogether.
Enterprise blockchain solutions have many applications, but one current focus lies in the area of increasing and enforcing sustainability efforts – a must given the climate crisis. Our second short read this month is all about how the key features of blockchain can be applied to countless eco-friendly use cases, which is a pretty big deal.
Welcome to a data sharing revolution. It's no surprise that blockchain technology is revolutionising the way organisations share data. Features, such as immutability, transparency, and security, provide a reliable way to share data. This recent article by Blockchain Reporter, explores the aspects that make this sharing possible, like security, consensus mechanisms, and data privacy. Data sharing certainly is the key driver in the development of our own platform, FALKOR SI, to the point where we’ve enhanced things even further, including off chain storage, linking of data, tagging of data, encryption, token exchange, event listener and generic search. The article also makes a good point about how blockchain tech can help prevent cyber attacks too – eliminating the need for expensive intermediaries.
In other news, it’s good to be green (a bit of a trend this month!). Contrary to its previous image as somehow being ‘unsustainable’ and harmful to the environment, it turns out that blockchain’s effect on the planet is quite the contrary. This article by DT Next, explores how blockchain is actually playing a major supportive role in issues like climate change, water scarcity, waste reduction, and other environmental problems. All of which can be mitigated by using the technology. For example, the European Organization for Nuclear Research (CERN), through its subsidiary PlanetWatch, is using blockchain to improve global air quality monitoring, there’s the idea of rewards for recycling, and then there’s SEA.earth who are using environmental data for good.
And finally cybersecurity is a critical operation consideration for all companies. This article by Financial Express reports that as technology continues to evolve, ‘cybersecurity threats have become more complex’. But blockchain can solve a lot of these concerns by enhancing better security of data. From safe storage to improving incident response, it's another area where huge savings could be made.
And that’s all for this month. If you're interested in blockchain technology, or what our own enterprise blockchain platform FALKOR SI could do for your company, get in touch.
See you then,
The ByzGen Team
Marcus, Terry, Shristy, Rob and Ryan