Last Updated on September 13, 2024
Blockchain, which can efficiently obtain 360-degree unidirectional information about customers, is a technology based on distributed network architecture, so information will not be siled. Many systems access a single set of data from all applications rather than making multiple copies of customer details. This reduces redundancy and speed responsiveness. Also, CRM-based platforms can aggregate more contextual and detailed information about customers and their products, making it possible to bring more abundant information to the blockchain business network. You will.
Enhanced Security Blockchain provides additional security because reliable cryptographic tools protect each code. Moreover, the data record cannot be canceled. Data cannot be tampered with because transactions cannot be erased.
Food poisoning caused by contaminated food products is one of the significant problems related to food in foreign counties and abroad. Although there are various opinions, it is said that hundreds of thousands of lives are lost per year due to food poisoning, and ensuring safety through blockchain intervention is expected to improve the industry significantly. Use the bitcoin loophole site for blockchain.
What do companies expect?
Participating companies expected to ensure security from every angle in their work. For financial services, this would be the prevention of deposits and customer information leaks, for healthcare, it would be data protection of medical records and proper distribution of medicines, and for food products, food safety and security would be applicable. If blockchain technology can solve the information that has been exposed to many risks such as leaks and inadequate check systems, the productivity of each will dramatically improve. Also, you will be able to share such technologies within the industry, and we can expect to create new business values that were previously unthinkable.
He thinks that there will be a considerable increase in efforts to gather companies across the industry centered around blockchain technology and create a standard data model to provide higher value to customers. He believes that there are many new partner ecosystems and that will compete with the customer at the center.
When to incorporate blockchain into your business?
When it comes to adopting blockchain actively, the problem is that this technology has appeared with a lot of exaggeration, and as such criticism points out what many critics point out. There is no guarantee. There is no doubt that blockchain technology does not solve all business problems.
Companies that want to capitalize on the strengths of this technology must first understand what business problems they want to address and how blockchain technology can help solve that problem.
Companies need to be very careful about what problems they are trying to solve, and whether blockchain is the right vehicle for that purpose, Six Q&A to determine if blockchain is right for your business.
If you’re looking at a specific case that fits your business or your position in the market, you’ll be able to decide whether to invest in the blockchain.
But what problems can you solve? And companies need to see precisely if blockchain is the right way to go for that purpose, says he Rubinov, cybersecurity and blockchain advisor. From here, let’s review the questions to determine if blockchain is right for your business.
- Do you want to solve business problems, not integration problems?
Blockchain is sometimes misclassified as integrated technology, but its most significant strength is not there. If you’re looking for integration, he recommends using APIs, Enterprise Service Bus ESB, and Web Services.
- Does the business process need inherent irreversibility?
Transaction on the blockchain is encrypted by a function called a hash function and has irreversibility that makes it impossible to tamper with the original data. Think twice about whether this property helps or hinders the purpose of your business, as once recorded data remains unaltered.
- Are you trying to transfer a value object between parties or by law?
If so, consider if it benefits from non-falsification. Also, do you need consensus for the task? If you need it, there seems to be an advantage to using blockchain.
- Are you trying to transfer a value object between parties or by law?
If you need to manage some level of trust across your organization, using blockchain is effective. Blockchain is also useful if you want to simplify the process that occurs with upstream and downstream business partners.