Since the digital age, organizations have been looking for ways to improve their operating model by modernizing the technology infrastructure. Being able to simplify the complex processes that enable innovation is the motivation to modernize technology.
Organizations today will have Artificial Intelligence (AI), Internet of Things (IoT), immersive reality and even quantum computing.
The Fourth Industrial Revolution has arrived, and organizations have understood the need for renewal, not to be discontinued. High growth organizations are aggressively investing and taking a different approach to innovation aimed at change. But with blockchain technology, leaders are challenged to realize the true value of technology.
The vision of the executive
Many executives overseeing large and advanced blockchain initiatives emphasize this technology as a data sharing mechanism. However, the challenge is to bring multiple operations and businesses together across the research chain. As a result, many organizations choose to bring the smallest number of parties to the table, before opening additional parties, in the hope that the initial case will have the incentive to join other parties in the future. Due to their relationship and organizational structure, common infrastructure operators and market-based collaboration platforms can succeed in this space.
There are many cases where people need common warehouses, common registry systems, common directories, and coordination between different parties in a business ecosystem.
Blockchain is an architectural technology of the database and, in particular, gives anyone the ability to build on a common infrastructure that can be reused from one client to another. Once this technology has been created through this shared source of truth, then the ability to significantly streamline cross-organizational flows also emerges.
Improve productivity and quality
Given the ability of Blockchain to provide a shared book of transactions for all parties, with full traceability of any assets and related activities, organizations cannot reduce audit costs, but increase the level of confidence in emerging data without having to manually validate the data.
Nowadays, the processes that carry out manual checks for weeks can be speeded up through a distributed receipt containing all the important information. Linking blockchain technology to new technologies like AI and IoT allows real-time data collection and processing to improve overall compliance.
Blockchain can improve data management in three main areas: by knowing the source and accuracy of data in digital asset information and in conjunction with data; easy identification of data manipulation; and data aggregation and organization, which allows blockchain to share real-time data from a single data source.
Data security
According to new research, poor data security could cost companies $ 5.2 trillion over the next five years. Blockchain technology uses military-level cryptography that creates a more secure environment for sharing and storing military data, reducing the risk of data breach in the event of harm.
Blockchain technology can enable digital ownership of real-world assets and assets by improving intellectual property and personal data profiles without having to verify the item's history or current status.
Payments
Blockchain technology can use a single shared data source to make sure payments are accurate and to monitor payments manually. With smart contracts, these payments can be automated, streamlining the entire process, eliminating unnecessary processing costs.