Blockchain technology: the next frontier in information technology
A blockchain is a decentralized and shared list of records, known as a ledger, that registers transactions made across multiple participants. It speeds up transactions and secures data from deletion, tampering and revision.
Heralded as one of the most transformational technologies of our time, it is next to certain that blockchain will affect your business in some way. Business leaders able to grasp the opportunities of this technology in applications as diverse as supply chain and customs to food safety and customer engagement are poised to unlock future growth.
Transactions involving the transfer of assets – such as goods, money, patents, contracts or just about anything that holds value – are traditionally tracked in ledgers. These ledgers, however, are inefficient, costly and non-transparent. Moreover, they are trust-based, making them sensitive to fraud and misuse – which is why we rely on 3rd parties such as banks, government bodies, auditors, certifiers, inspectors and others to verify them. Blockchain aims to solve all of these deficiencies.
A blockchain is a tamper-proof, shared digital ledger that records transactions in a public or private peer-to-peer network. All assets are embedded in digital code and stored in transparent, distributed databases. Every transaction has a unique digital signature that is identified and validated by the entire network, protecting them from deletion, tampering, and revision. As such, blockchain’s new form of data sharing and asset transfer has the potential to eliminate intermediaries and central third parties.
blockchain’s transformative potential extends far beyond financial and insurance-related applications
Bringing transparency to diverse sectors
Blockchain may be the technology at the heart of digital currencies like Bitcoin, but its potential goes far beyond financial or insurance-related applications. Every business process that somehow relies on trust, security, transparency or operational efficiency can benefit.
Complex supply chains, such as those that characterize the food industry, will be revolutionized by the transparency enabled by blockchain. For example, the many parties involved, from growers and washers to peelers, distributers and retailers, would gain insights into every single step the product has taken from field to shop.This also makes health and safety tracking a simpler undertaking.
In customs, which is defined by the need for expensive IT systems, the traceability enabled by blockchain would reduce these costs to zero. Even more, processes would be streamlined, delays minimized and transparency maximized.
From managing supply chains to setting up global collaborations or even enhancing marketing and customer service initiatives: blockchain has the potential to disrupt it all. While there are still many challenges to overcome, the technology promises to evolve rapidly. In order to unlock future growth, business should begin by exploring the realm of opportunities it has to offer in their sectors.
How delaware can help
- Thanks to a deep understanding of corporate processes, delaware can assist you in defining distributed ledger strategiesto identify new growth opportunities. Our teams help you strive for a sustainable, competitive advantage.
- We have both the scale and the expertise to set up experiments or implement blockchain technology through actionable roadmaps.
- delaware’s extensive track record as a systems integrator is a meaningful asset in building blockchain applications on top of existing digital data and diverse communication infrastructures.
- Our experience in a wide range of industries allows us to both inspire you and guide you through complex business transformations that go beyond blockchain.