The corporate blockchain could be the blockchain of the future. But what, exactly, is it?
The corporate blockchain is a form of blockchain technology that is friendly to businesses. IBM introduced the idea earlier this year with ‘What is a corporate blockchain?’ and it poses the question of: is a corporate blockchain really worth it?
Here’s the blockchain as you might know it: it’s public. Completely decentralised. Many public permissionless blockchains have some form of token, or cryptocurrency, that is traded. Many public blockchain companies are based upon trading tokens or exchanging digital money.
Here’s the corporate blockchain: It’s private. It’s mostly decentralised, but it’s partially centralised. It doesn’t always have tokens. It’s a secure database for data management.
It might sound a bit more mundane, but here’s the reality of it: it’s far more realistic.
Is it worth it?
You might be wondering: what’s the difference between a corporate blockchain and a traditional database?
The corporate blockchain benefits from three different areas:
- It is, mostly, decentralised. The blockchain is not owned by one person.
- It’s more secure than traditional databases.
- It’s still tamper-proof, so you can trace any changes.
So, while it might not be public, the corporate blockchain still ultimately benefits from many of blockchain’s strengths.
Corporate blockchains could be the reality now
While mainstream cryptocurrency might be a long way away yet, corporate blockchains could become the norm.
That’s because it doesn’t require us to upturn our current processes. In fact, blockchain, in many cases, can integrate with our pre-existing ones.
Take our platform, STAMP, for example. It’s designed to ingest data and display it to you in an easily consumable way. It can trace supply chains, track fuel, or adapt to any other personalised situation.
It’s blockchain-enabled, so it gives you the option of blockchain if necessary. Considering blockchain’s security, it is well-suited for many businesses (though not all – which we talk about here). The blockchain component ensures the privacy and secrecy of company data.
STAMP is easily integrable with your current processes, so all the daunting parts of blockchain implementation are handled for you. Its biggest strength is its flexibility: no matter the industry, STAMP can provide security, accessibility and traceability for you within your business.
To find out more about STAMP, click here.