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According to a report by DOMO, 2.5 quintillion bytes of data are created every day and with the advent of IoT devices, the amount of data generated should increase dramatically over the next few years. With this amount of data, companies are looking for solutions that provide a high degree of transparency and security. Enterprise resource planning generates a lot of internal data in real time and blockchain technology can be an ideal ally to securely store data.
Blockchain is a decentralized technology that provides a shared data ledger for the entire network. Blockchain technology provides a transparent process in which network users can view the transaction in real time. Many companies in all sectors have begun to exploit the blockchain for its transparent and secure functionalities. According to a recent Oracle report on technology trends, blockchain is one of the most sought-after technologies that is intended to transform supply chains, reporting and many other aspects of an organization's workforce. Initially built for financial activities, blockchain technology was able to eliminate manual activities and many unwanted errors by automating the processing of transactions.
The blockchain technology provides a secure, immutable and transparent registration of a transaction in the network, which helps simplify the inefficient processes found in the ERP (Enterprise Resource Planning) environment. The Blockchain approach can help you save time, reduce risks and reduce costs for all parties involved in the business process through the data network. To take advantage of the open network offered by blockchain, IBM is working to integrate its blockchain solutions with Oracle ERP cloud. IBM's blockchain for ERP solutions is designed around the company's network of suppliers and digital accounting accessible and used by all parts of the network.
Blockchain technology allows companies to store various types of data on the same data log, such as specifications and history of iterations. It also stores information about the exact machine that produced a product, which makes it an ideal technology for production. SAP has invested in blockchain applications for ERP, and is also experimenting with the use of blockchains in operational threads, 3D printing and digital production.
According to Oracle estimates, 40% of industry leaders have already started using blockchain and will revolutionize the workforce in the 21st century. Regulatory authorities can even make it mandatory for industries like finance to adopt blockchain technology for its secure and transparent features.
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