Blockchain has not always had the best reputation. Even nowadays, many people don’t fully understand the value of blockchain, its use, and how it differs from cryptocurrency.
While many are familiar with the word ‘blockchain’, most still do not understand its worth. Here’s why blockchain technology is worth a chance.
How does blockchain work?
Blockchain creates value for business with its security and immutability. It provides a centralised source of trust for companies and can deliver a way of communicating between companies.
To many, blockchain is merely a cryptocurrency. However, it has far more potential than this, and can in fact provide large amounts of stability.
One thing that puts a lot of people off is the fact that public blockchains are widely accessible and largely anonymous. This can cause problems with fraud, identity, and crime. However, the best application of blockchain in business is in the manifestation of private blockchains.
The best blockchain applications
Blockchain can be applied across various modes of business. It can extend from voting, government, and education to IP protection, information storage, and contract exchange.
Cryptocurrency is only one small part of how blockchain can be useful to business. It can provide a source of trust, an immutable database, and a way of securing the data we need to secure.
Blockchain’s uses are almost infinite because of one thing: blockchain alone fixes nothing. Blockchain, powering a platform, can transform our handling of data. For example, blockchain on its own can’t support supply chain tracking.
The simplest way to put it is this: You have a platform. It provides data analytics and delivers operational efficiency. Yet it lacks security and a method of trusting the data.
Blockchain helps to support, secure and optimise.
Is blockchain worth the investment?
If your company is considering using a blockchain-supported platform, it’s easy to be put off by a lack of understanding and a requirement of time. There are a few things that can fix this, but ultimately, you need to understand why blockchain will optimise your business’ data.
STAMP, for example, incorporates business data and has the ability to integrate with any existing platform. It merely provide support to a traditional set of data, rather than immediately replacing it and requiring a business to overturn its pre-existing processes.