As recently reported in a 34-page guide for the Public Sector from CompTIA (Harnessing the Blockchain Revolution), Blockchain Technology is gaining business efficiencies for public and private sector organizations as they take full advantage of the distributed ledger technology.
RUMBLE defines blockchain as a scalable means to track, protect and authenticate transactions. This ingenious decentralized technology originally introduced with cryptocurrencies like Bitcoin is now revolutionizing how organizations view business processes from simple file sharing to redefining business processes to managing supply chains.
Global businesses are taking notice. Based on a May 2018 Deloitte survey, 74% of corporate executives see a compelling business case for the use of blockchain with 34% already using the technology and another 41% saying they plan on deploying a blockchain application in the next year.
Here is a synopsis of the four key benefits quoted in the guide for employing blockchain applications:
- Tamper-resistant Transaction Ledger and Audit Trails – The beauty of the decentralized nature of blockchain is no one can modify the ledger without anyone else knowing. All blockchain data is cryptographically linked and secured to making changes are equality difficult and easily detectable.
- Consolidating Databases Securing and Sharing Data – Another key benefit of blockchain is the ability to consolidate transaction data from many different database systems without creating the security risks of a centralized authority or owner. Each participating member has access to more information than they currently have access to without relinquishing control of their data to other participants.
- Customizable Smart Contracts Increase Transparency – “Smart Contracts” are customizable pieces of code that enforce business rules and other agreements on all transactions that occur on the blockchain. This ensures all participants are transacting ethically.
- Security and Data Protection – Blockchain secures its records via a highly-encrypted, 256-bit string called a hash that is updated for every transaction and automatically recorded across all notes in the blockchain system. This has the dual benefit of thwarting cyber criminal access while providing built-in redundancy if a system node is lost or destroyed. Records can be reconstituted from the copies on other participating systems.
To investigate how blockchain technology can drive business efficiencies within your organization, contact a RUMBLE consultant today. Our approach is simple. We bring the advanced digital expertise you need to make your big or small IoT initiative a success. We start with your business goal – greater efficiency, scalability, predictability, automation or engagement. Then, we leverage our unique experience and technical insights to build a plan that not only delivers on your vision, but is measurable, secure and delivers ROI.