Many consumers may have heard of Blockchain, the blockchain technology, especially as it relates to the cryptocurrency. However, they may not be aware of its potential and its impact on different sectors. Blockchain has the potential to further simplify and secure data management. Since its inception, this technology has quietly changed business processes.
For additional information, members of the Forbes Technology Council share the changes (or who will intervene soon) in supply chain activities. Their best answers are shown below.
1. Transparency of statistics
With all streaming options available todayartists struggle to live off their copyrights, mainly because streaming platforms aren’t transparent when it comes to streaming stats. Blockchain will simplify rights management for music artists as it will provide a single source of truth for their art. It will be easier to establish ownership, count coins and pay artists what they are owed.
Thomas Griffin, OptinMonster
2. Data collaboration and control
There is a natural tension between collaboration and data control. Blockchain connects the two. Businesses must not only work together to be successful, but also keep data on-premises in an immutable and auditable form. By using the blockchain as a system of record, like a collaborative SQL database, businesses can transact without having to trust partners or third parties not to corrupt critical data.
Chris Turlica, MaintainX Inc.
3. Decentralized financing
Decentralized finance refers to an ecosystem of financial applications built on blockchain networks. These apps are growing rapidly, shifting custody of assets from banks to software. While having the potential to strengthen global economic activity, applications Challenge may be vulnerable to hacks. Good security, both before and after deployment, is essential for growth and mainstream adoption.
4. supply chain management
Blockchain and supply chain go together like butter and jam. Blockchain provides accurate, authenticated and transparent transactions with fees pre-approved and predictable and full verifiability. Removing intermediaries reduces costs. Register distribution increases reliability. And because transactions are immutable and irrevocable, the frequency of fraud is reduced.
Chris Grundemann, Myriad360
5. Finance and banking
The big disruptive feature of blockchain is the immutable transparency it provides. Money and banking are opaque, with ambiguities all over the system. All of this will be disrupted by the transparency that blockchains provide.
6. Data privacy
Blockchain is transforming the way companies process customer data, moving it towards a fully decentralized model where each consumer is in control of their own identity and data. However, pending full adoption of blockchain, companies are already taking steps to improve data privacy, such as obtaining user authorization for data collection and managing consent.
sanjoy Malik, Urjanet
7. The data connection
Blockchain will impact how companies manage data. Companies will need to recognize that their data is transparent to all parties participating in the blockchain. This will allow chain participants to potentially see all costs, transactions and inventory between competitors, suppliers and customers. This will allow for a fairer and more competitive marketplace without regulatory and middleman costs.
Wesley crook, PF Full
8. Consolidation of cross-sector data
Connecting data storage and data users from multiple domains, blockchain can consolidate large amounts of data. This allows different companies to cooperate more effectively with each other. Manufacturers and shipping companies often use different or even incompatible systems. By using a single blockchain network, they can overcome discrepancies and create a unified, fully transparent and safe data flow.
Dennis Turpitka, Apriority
9. User authentication
Using a blockchain, or distributed ledger, for user authentication in digital channels will be a game-changer for businesses. The combination of a trusted, tamper-proof distributed ledger and credential verified will enable people to have portable and trusted digital identities that they can use on any website, from their bank to their healthcare provider.
Will LaSala, OneSpan
10. Human resources
Companies are struggling to find and retain talent, even with the internet. They must also manually check candidates’ skills and references. Blockchain removes inefficiencies in hiring and compensating employees. Applicants can securely update information while HR verify credentials. Both parties benefit from this. Employees can receive their paycheck faster and more securely.
Arnie Gordon, Arlyn Scales
11. Password replacement
Passwords have long been the gold standard, de facto, for managing access to software-as-a-service applications, but that may soon change. Over the next few years, we will see blockchain technology make passwords obsolete for managing credentials, consents, and preferences in use cases such as identity. self-sovereign.
Danny Kibel, Adaptive
E-commerce is poised to be drastically changed by blockchains. E-commerce has the advantage of mostly taking place on the same medium as chain stores and there are currently multiple ways to accept payments. Many e-commerce companies have already implemented blockchain, unlike traditional global companies that have not yet done so, but are considering it.
Alexandro Panda, Xyrupt Technologies
13. Electronic health records
The shift from electronic health records to blockchain will revolutionize data ownership and security in medicine. This will create greater immunity between data repositories, allowing for greater integration and the ability to leverage cross-border data sharing to train advanced AI algorithms, which cannot be done today.
Jose MoreyLiberty BioSecurity
Article translated from Forbes US – Author: Forbes Technology Council
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