Blockchain is a disruptive technology which businesses the world over have begun to embrace as part of their digital transformation initiatives.
Blockchain is a method of structuring data that allows a digital ledger of transactions to be created and shared amongst the participants via a distributed network of computers. Using public or private key cryptography (a method of secure communication), network participants can add data to the online ledger without the need for a central authority to authenticate or manage users and data.
Bitcoin and other cryptocurrencies are the most commonly known implementation of blockchain technology, but they are the thin end of the wedge in terms of what the blockchain can enable. The applications of blockchain technology are fast permeating every industry including healthcare, insurance and logistics due to the multitude of positive implications they present.
While the adoption of blockchain technology was slow and steady in the beginning, hundreds of companies have unveiled blockchain use cases of their own. It is expected that business value add will grow to US$176 billion by 2025, fueled by the adoption of blockchain technology.
Billions of business transactions take place every minute. How can blockchain come into play?
Blockchain technology provides a powerful accounting system that can track ownership of assets.
Due to the nature of blockchain, transactions that are completed are immutable (unable to change). Businesses can therefore audit data quickly and track ownership in a safe and secure manner, as well as undertake other useful activities like the automation of corporate actions. This helps businesses save a significant amount of time, reduces administrative costs and provides them with more autonomy by eliminating the need for intermediaries.
Recognizing the power of blockchain technology, we partnered with BlockEx, a leading provider of blockchain digital asset exchange services, to jointly explore how global supply chains can leverage blockchain technology. Solutions that we jointly develop could provide increased visibility of the end-to-end supply chain information flows, thus enabling improved efficiencies. This can help financial lenders identify when assets have been pledged already, monitor supply chain events such as disruptions, or late delivery of shipments to evaluate vendor risk more effectively. Most importantly, it can provide a way to prevent fraudulent invoices from entering the supply chain.
To learn more about how revolutionary technologies are disrupting the way industries traditionally operate, join us at the OpenText™ Innovation Tour 2018.
Sydney – 1 March 2018, ICC Sydney
Singapore – 27 February 2018, Marina Bay Sands