Using Business Blockchain to Deliver Trusted Online Services

Blockchain Nelson Hilliard

Probably the most common thing that gets into the minds of many CTOs when the word Blockchain is mentioned is Bitcoin. However, there is more to Blockchain than Bitcoin. The technology can be enhanced to deliver trusted online services to clients.

Blockchain, how is it possible?

In the case of Bitcoin, Blockchain technology is shared and becomes an immutable ledger where a record of financial transactions is kept. This enables the transactional applications to have accountability, transparencies and embedded trust attributes. The business can improve on the Bitcoin Blockchain in that instead of being reliant on public networks where anonymous users exchange cryptocurrencies; it can provide a permissioned network with identities that are known and verified. This kind of transactional visibility every network user can observe and audit all activities within the business network.

The shared ledgering platform that provides end-to-end visibility can also be connected to business logic and linked to business policies that enforce openness, trust, and integrity across the network. Applications created by the companies can follow the same rules in that they are built in such an environment with embedded security. This gives such application the qualities below

  • They can prevent anyone from taking control of the system. This includes administrators and root users
  • Prevent any attempts for illicit data manipulations and change within a network
  • Prevent unauthorised data access by safekeeping of the encryption keys.
  • Institutions can also benefit from this approach in several ways
  • Manage the flow of products and payments with less risk and greater speed
  • Cut down on manufacturer product recalls by sharing production logs with regulators and original equipment manufacturers (OEMs).
  • Enable financial organisation settle securities in a matter of minutes

Blockchain, the right skills

With the right skill sets, any company within any industry can build, run, and manage its Blockchain. However, if the business is not ready to do the ground work, it can buy business Blockchain as a service from builders such as IBM. There are also open source collaborative Blockchain technologies that the business can utilise. Business Blockchains are a perfect technological advancement for teams that are looking to take an innovative and business leadership position in the business arena within their respective industries

Having the right skills in the organisation is vital for the effective management of the business Blockchain even where the business is consuming business Blockchain as a service. The right knowledge helps the business develop solutions within the business Blockchain framework for incorporation to infrastructural projects that require shared ledger technology.

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Brad Nelson