The countless possibilities of Blockchain (and how we can learn from this technology)
Very much in evidence in today's IT market, you've probably heard of the term "Blockchain", and you may know that this technology is closely linked to the financial market and the famous cryptocurrencies. But there is much more potential to be explored than just this - in fact, this structure can be implemented in many everyday transactions, including those managed by common business applications.
In a recently published article, Oracle pointed out some examples of scenarios where the application of Blockchain can not only increase business value, but also add in terms of flexibility, security and business agility. Check them out:
01 - Providing a distributed and autonomous marketplace
Blockchain technology gives users the ability to track and exchange valuable items - such as sensitive invoices - in a secure, transparent, private and reliable chain of transactions. This adds speed and flexibility to asset and value management and streamlines cash flow.
02 - Reducing noise in organizational transactions
Spend management is a challenge for most organizations. In most cases, companies can create an autonomous blockchain network for their suppliers and partners. This option provides automation in contracts, instant payments and deliveries. Without human interaction, the risks of errors and loss of information are reduced in transactions, which take place much faster as buyers and sellers are directly connected.
03 - Management and security with encrypted logs
One of the fundamental characteristics of Blockchain is that each record or data element is encrypted. Traditionally, industries have relied on third parties to monitor and protect databases containing their information, using tools such as firewalls and restricted access. As frequent data breaches have shown, this is not the ideal practice.
But if each data element is protected and encrypted with a Blockchain key, a hacker would need to access the keys of each member to gain access to the data. Of course, this doesn't mean that this technology is infallible, but it certainly helps prevent the exposure of a large number of private records at once.
04 - Tracking the origin of products and materials
Blockchain can help ensure quality and safety by making it easier to track and trace products and materials. For example, a car manufacturer establishes a blockchain focused on quality that includes suppliers, a quality control and a regulatory body. Recalls of defective parts will take place more quickly and, consequently, more effectively. This is extremely significant, considering that thousands of lives are lost every year due to defective automotive parts.
These are just a few ways in which we can see our customers using Blockchain in the near future. Oracle recently announced the Oracle Blockchain Cloud Service, and encourages its customers to think strategically about the technology.
The main tip is to consider developing some pilot projects that can add value to your business. In some cases, using blockchain may require building new processes or rebuilding existing structures, but it is undoubtedly a flexible technology that can benefit any type of industry.
It may be a few years before the technology is present on a large scale, but little by little, we are building paths for more and more initiatives to be taken as our clients feel ready. These changes will affect not only applications, but also our specializations, and it is important that, as professionals working in the market, we increasingly seek to improve our skills and expand our knowledge of these new technologies.
Source: https://blogs.oracle.com/what-can-you-do-with-blockchain-here-are-4-ideas-to-consider-v2
