Blockchain represents the fourth industrial age and it is changing the nature of corporations.
A recent IBM study has shown that at least eighty percent executives are actively using, some aspect of blockchain technology, and planning to implement into their business.
Blockchain creates a decentralized network
with trust built into the system and is nothing less than the second generation of the internet that holds a vast promise for businesses, societies and individuals around the world.
Data protection and blockchain
Blockchain gives you the confidence to exercise more sovereignty over your
data. It gives the sense of security that the identity which is currently controlled by large digital corporations or could be stored in a digital ‘black box,’ secured on a blockchain.
The ‘big data’ revolution has permitted businesses to take advantage from an astounding amount of user insights and business intelligence to better tune their brand visibility, advertising strategy, and product development.
Blockchain in digital marketing projects dignify a serious threat to traditional digital marketing channels, by intimidating to challenge the power of these big corporations.
Blockchain gives users much greater control over their data, so that single businesses reach them directly through a blockchain-based search engine.
Blockchain in the supply chain
Blockchain can streamline the supply chain operation by giving proof of the provenance of all the individual elements of goods you purchase or make.
Now you can get a chain of transparent records whether the ingredient is truly organic, health and safety methods are being followed in a factory or not.
In simple supply chain management, most of the things you buy aren’t made by a single entity. It is made by a chain of suppliers who sell their components to a company that collects and markets the final product. And if one of these components fails ‘the brand takes the brunt of the backlash.
But blockchain technology provides digitally permanent, audit-able records that represent stakeholders the position of the product at every value-added step.
The blockchain technology is a kind of distributed ledger, in which all network participants share the same documentation as opposed to individual
copies. With blockchain technology, now the transaction histories are becoming more transparent.
Now the shared version can only be updated when everyone agrees on it.
Thus, records stored on a blockchain is more accurate, transparent and consistent than the paper processes.
The blockchain is secure than other record-keeping systems. Whenever a transaction is made, it is encrypted and connected to the previous transaction, and all transactions must be agreed upon before they are recorded.
In this way, the information is stored across a chain of computers instead of on a single server. Hackers find it very difficult to track the transaction data. Blockchain helps in protecting sensitive data of the organizations.
Data exchange between businesses has many flaws: It can become fragmented
or scattered across silos with low interoperability. Much more value can be extracted out of the data already generated across business networks.
Blockchain technology ensures a neutral ground for cooperation, as well as the integrity of data.
Supply chains, trade finance, and advanced business analytics are all examples of industries where the blockchain and trusted, decentralized data exchange enable more efficiency, not just for one company, but for finding an optimum for the whole business network.
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