How the Blockchain will modify your business activity

El Mundo Innovadores

16/10/2018

By Luis del Barrio, Director of Marketing and External Relations of The Mail Company

The Blockchain is becoming a business technology in itself. We still do not know how far this global and distributed database will take us, made up of other levels of interconnected block chains, designed to avoid their modification once a data has been published, using and linking with the previous blocks or the later… but experts already predict how the Blockchain will affect our business activity in the form of new technological processes.

Bitcoin, so far, is the first and best known use of Blockchain. However, the cryptocurrency is just one more application of a technology that has already been used in voting, in food safety and even in shipments and expeditions, among many other sectors. Companies like Walmart, IBM and Amazon are already experimenting with Blockchain.

However, many companies still consider that the Blockchain has a complicated implementation or possible failures that make its use and traceability difficult. This consideration is causing its general adoption to be delayed, but the Blockchain has proven to be very useful in the creation of smart contracts and certificates. The expansion of the Blockchain and its scope as a disruptive force of the future will be determined by the way in which its use is democratized and served.

Beyond that, do you know the term of Edge Computing? It is a type of technology that will soon apply both in industry and business, which will provide much more autonomy to both devices and management solutions, making them something smarter. But how? AI, with self-learning capacity? Much simpler, simply with redistributing and adapting the role of each element of the current infrastructure. And that’s where the Blockchain and cloud computing comes in, of course, allowing applications to develop anywhere, moving the knowledge that now runs in data centers to other places where the infrastructure is not owned by a single interlocutor but of all those who use it.

In addition, as the name suggests, the Blockchain is a chain of blocks through which companies will know what data is being processed, who has created or manipulated them, when and where they were created… and as the owner of those data, what right does your organization have over them.. A hypothetical data source service will allow the software developer to add devices to the network and track each part of their data, allowing others to access them, always with their express permission.

We are wrong if we think that companies will only need Blockchain experts in their IT departments or systems. No. Business management should consider the Blockchain as it does now with digitization or the cloud. Its use, result and monetization is still being studied; it seems that the financial sector is leading the way applying Blockchain technology to its services, using it to secure assets and launch new models of trade and exchange.