Blockchain is one of today’s biggest enterprise technology buzzwords. But industry experts are largely conflicted on how – and when – this innovation will be capable of delivering the ROI businesses expect.
While some believe blockchain is still years away from achieving its potential, others are already experiencing benefits from its implementation. So, what’s the truth? Can this technology truly fulfill the bold promises it’s made?
Is Interest in Blockchain Fading?
Mass confusion and failure to fundamentally understand this technology has not exactly helped blockchain make its business case thus far. For the most part, early adopters are still stuck in the experimentation phase. However, like any other new innovation it’s failed to deliver digital transformation on its own.
Before it can deliver the results today’s organizations anticipate, blockchain has several important issues to tackle. Industry standards need to be created, and these solutions need to be made scalable to create the large-scale business impact the industry predicted.
There’s also a widespread lack of consensus where the technology’s key features – product concept, application requirements, and target markets to name a few – are concerned. To put it simply, blockchain has largely been a victim of its own hype.
Unlike most mainstream technologies, organizations have to find a platform, write their own smart contact language, and create custom interfaces and algorithms to make blockchain successful. And if standards change, this could require wholesale changes to ensure future operability.
That said, this is only one side of the story. Others have already found this technology instrumental in reshaping how they work every day.
Creating Opportunity Beyond Cryptocurrency
While blockchain first gained notoriety through the explosion of cryptocurrency, its decentralized and open-source nature has added business value to a number of current enterprise technologies beyond this context. Here are three primary examples:
Putting a Stop to Fraud
Prior to blockchain, it was difficult to track financial data across the variety of global regions, platforms, and individual purchasers today’s business environment features. By implementing this innovation, however, organizations and regulatory agencies are able to record the data and unique conditions surrounding each historic transaction – ensuring digital ledgers are accurate and verifiable.
As the Internet of Things (IoT) becomes commonplace, there’s no shortage of security concerns this digital transformation has the potential to create. Fortunately, blockchain is reversing this trend. While IoT establishes new attack vectors and more gateways than ever to sensitive information, blockchain-backed security enables distributed network and device protections that make life much more difficult for today’s hackers.
Securing Enterprise Systems
Data breaches have never been more dangerous – or more likely. While businesses everywhere have been victims of these attacks and subject to consequences resulting from negative news headlines, blockchain puts a stop to this possibility. That’s because information stored across this technology is broken up, encrypted, and remotely stored – making it impossible to pull valuable data and trade secrets from a single, minimally protected source.
Whether you believe blockchain is ready for business or not, the data privacy and security potential it offers is growing increasingly impossible to ignore. Its impact can deliver tremendous benefits both personally and professionally, and your enterprise needs to be prepared to take advantage of the innovation this technology can offer.
Enroll in AOTMP® University’s Introduction to Data Privacy Course today to learn more!