With blockchain technology, the way you do business might be completely transformed. Data is registered and stored securely, values and information are exchanged automatically, and often intermediaries can be completely removed.
– Blockchain logs data in the right sequences and lets you audit in real time. This means, for example, that instead of trawling through several accounts, you can pull a complete report immediately and be see that everything is as it should be.
Using blockchain has many advantages:
Supply chains can be strengthened by spotting the potential areas where track-and-trace of goods is essential. It is especially relevant for companies that need to follow a product backwards through the value chain to trace its origins.
Smart contracts encoded on blockchain can be of benefit when multiple parties rely on consensus and verification. This ensures a speedy process and guarantees that the contract in question is carried out to the letter.
Blockchain is a technology that we will see much more of in both the public and private sectors; areas where data security and high confidence levels are essential. The technology can be used in virtually all industries that interact with an IT system.
– Blockchain was created for peer-to-peer interactions. For this reason, it is interesting to dig deep into all those situations where you want to avoid the involvement of an intermediary, but additional security is required. Voting, for example, is an area typically vulnerable to manipulation, fraud and errors in vote counting. Blockchain provides an excellent solution for putting an end to such vulnerabilities.
Bitcoin is based on blockchain
Bitcoin is a cryptocurrency box based on blockchain technology. This means that bitcoin would not exist without blockchain.
In short, blockchain is a decentralized system that logs transactions with a precise timestamp and allows its users to interact peer-to-peer – and in the case of bitcoin, it allows them to send currency quickly and safely without the involvement of bankers and other intermediaries.
Blockchain has therefore solved the problem we call double-spending. In the world of money, it means not being able to spend the same money two or more times, and in the world of data, it's all about being able to manage data in real time.
With blockchain technology, you are provided with an alternative way of solving a number of digital challenges, and some companies will find that blockchain can be a good solution.
Brian Troelsen, Business Development Director at NNIT explains:
– Blockchain can do a lot, but it does not solve all of your challenges. This is why it is important to determine whether blockchain is really the right solution for your business – even if you have already fallen in love with the technology. Perhaps your business currently needs to focus on upgrades on the digital front – in order to be ready for blockchain in 5-10 years.
Brian Troelsen adds that we are facing a future where bitcoin and other cryptocurrencies may well be considered as legitimate funds in the long run. Because of this, companies should continuously be keeping an eye on digital developments in the market.
Larger established companies have the opportunity for a lot of sparring and expert advice which can help determine whether blockchain can prepare them for challenges their business faces. New players on the market also have the chance to do this.
A good example is the startup company Blockshipping. For a long time, the shipping industry has had major problems with overcapacity, security threats and environmental impact; all of which Blockshipping want to put an end to.
NNIT is helping the company to create the Global Shared Container Platform (GSCP) based on the blockchain technology, Internet of Things (IoT), modern sensor technology, as well as having a core infrastructure that uses a cloud computing platform.
The platform will be the first real-time register of the world's more than 27 million shipping containers, and will become available to all players in the industry. This will increase the efficiency of transactions and container-handling worldwide.
– You will no longer have to manually handle documents and stamps as everything will be done digitally. For this reason, the platform has attracted a lot of attention because it is an excellent example of how blockchain can respond to the world's current challenges.
Startups, in particular, can benefit greatly from early customer involvement – for example, in a design thinking process – to determine whether blockchain increases their value proposition.
– They come with the business idea, lots of energy and agility, but usually need to build a solid foundation for their business with solutions that are data-secure and compliant.
During this process, a company can clarify its blockchain options.
– This is why it is interesting for a lot of startups. They have a clear position, are customer-focused and good at thinking quickly. During the process, it may be useful to have a range of recognized agile tools and development methods available, where data security has been considered in all solutions, says Brian Troelsen, Business Development Director, NNIT.
Do you need sparring and advice on whether your business can benefit from blockchain technology? At NNIT, we have leading blockchain experts who will help you in your digital transformation.
You are very welcome to contact Brian Troelsen, Business Development Director at NNIT, firstname.lastname@example.org or Tel. +45 3079 5933