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It's time for companies to start embracing the blockchain. The enabling power of this disruptive technology can no longer be ignored. Companies that were among the first to state that their peers could also reap huge benefits by incorporating them into their operations.
Of course, it is not difficult to understand why many people find it difficult to understand how blockchain works, not to mention how it could be incorporated into a wide range of businesses. Most people still associate blockchain with only cryptocurrency and, unless they are cryptic themselves, are sent back by the impenetrable fog of the technical jargon that surrounds it.
But the blockchain – or the ledger technology distributed to give it its generic name – goes beyond cryptocurrencies and digital resources. Blockchain products are now emerging that can help ensure data transparency and protection, support fractional ownership or ownership of any valuable asset, optimize business operations, identify verification and interoperability of devices that support business or bureaucratic processes.
CONTROL REGISTERS AND DIGITAL ID
For example, companies can unify their data infrastructure by enabling registration of privacy control via blockchain. Blockchain protects records and information throughout the audit trail, which records transactional evidence or information about occurrences within a specific time frame. The integration of audit trail into company databases limits fraudulent activities and encourages transparency.
When transactions are performed on a blockchain-based audit log, records of these transactions are extractable as evidence of their realization. This is also applicable to other sectors.
Another product of booming blockchain is the verification of digital identity. A digital ID is created to allow each user to participate in an online activity. This system makes user documentation faster, easier and cheaper than manually entering user information.
A blockchain-based ID verification system is more suitable for large companies, particularly in the retail sector where suppliers treat large numbers of consumers. In addition to the registration of orders and places where the products must be delivered, delivery notifications will be confirmed through the blockchain check register and the chronology of the transactions carried out during the delivery of the goods made available for confirmation.
Another ID verification system is self-sovereignty. This system gives users the power to choose which information they want to provide and can be deleted at any time. It responds to the growing desire of people to protect their privacy and is in line with the new legal structures such as the General Data Protection Regulation (GDPR) of the EU.
THE FUTURE OF BLOCKCHAIN
The search for more innovations to improve the lives of all has been a feature of the revolution based on IT in the last thirty years and the emergence of the blockchain has shown it.
There could be three implications related to the integration of blockchain technology into multiple activities. The first is the possibility of a decentralized token currency, which will convert traditional coins and resources into tokens.
The second is the possibility that the operational efficiency of governments can be made more transparent and the protection of citizens' data, such as identity cards and birth documents, will be handled more appropriately.
Thirdly, anything of value can be digitized – the name of a homeowner can be registered on a blockchain – the transfer of ownership can also be done on the blockchain in a convenient and economic way without the need for intermediaries.
Furthermore, ownership of resources can be split – costs can be shared. Furthermore, these digital resources could be exchanged for other digital resources (or coins) through decentralized exchanges in the future.
Blockchain technology, however, is not limited to companies. It is applicable to other industries and government institutions. Organizations that have not yet heard the call of technological change are destined for potential disaster if they fail to adapt to the pace of innovation that technologies such as blockchain represent.
For those who are unsure about how to adopt a blockchain strategy, an increasing number of companies with experience in the sector are catching on, ready to recommend making the next transition from the physical world to the digital world.
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