Data security, the challenges, and efforts to adopt are what we should notice about enterprise blockchain in the next six months.
Enterprise blockchain has become a buzzword, its ability and application in the business world culminate in plenty of papers, discussions, and debates. Multiple initiatives of enterprise blockchain solutions have been implemented cross-industry at global level.
After witnessing an unimpressive period of enterprise blockchain in 2019, when most of the hype applications show unsatisfied results, as time passes, the implication of enterprise blockchain has started flourishing to carefully evaluated applications. Let’s go through some akaChain experts’ discussions to see what could happen related to enterprise blockchain in the second-half of 2020, while the world is trying to handle the impact of COVID-19 pandemic.
When people are turning to work virtually, data security and privacy is becoming important than ever
As the pandemic came, social distancing orders were carried out, people were enforced and encouraged to stay/work from home.
However, this sudden order has led to a disturbing situation that a lot of people have not been well-prepared for effective home-working options, especially in terms of data security and privacy.
Working from home makes people disconnect to enhanced institutional protections such as virtual private networks VPN, firewalls, strong anti-virus software. In addition, the lack of awareness when handling data generates a high risk in the data privacy breach.
Notably, what happened in the pandemic is just the tip of the iceberg, revealing the trouble inherent to data privacy risk: centralized, lack of connection, unnecessary personal data disclosure.
Big whales are ready to change. Enterprise blockchain and ERP system.
A lot of big companies have identified the significance of data to their business survival and taken the step to adopt blockchain to their ERP systems to tackle the problem of data privacy risks.
As we know, ERP helps standardize information and business processes for enterprises. The flow of data is very important. But most current ERP systems are limited in the focus on internal business processes only and ignore the association of multi-systems.
Meanwhile, the world is flattening, more institutions and organizations are formed because they know that “going far means going with others”. To make this scenario a reality, they need to share useful information without violating private/significant data.
The nature purpose of blockchain is data storage. Unlike other data storage solutions, blockchain brings in a more secure way to store data due to its decentralization, immutability, and transparency characteristics.
Integrating blockchain into current ERP systems allows enterprises to store data immutably in decentralized locations and data is shared selectively to permissioned individuals only.
Transactions are considered the lifeblood of any management system. Blockchain can participate in any link in the transaction activity and record data with a timestamp. In other words, blockchain helps strengthen ERP systems, makes it harder to be attacked, avoids double recording, data leakage while remaining connected among systems.
After the POC time, blockchain has proved its effectiveness in enhancing many management systems, ERP using blockchain is now ready to move to the next stage and becomes wider, especially in the supply chain industry.
There are challenges remained
Regardless of how potential it is, enterprise blockchain is still immature. There are plenty of challenges for enterprise blockchain platforms like akaChain to deal with when attempting to harness the blockchain business value.
Most people are still not duly understanding enterprise blockchain and how this decentralized ledger technology can transform their business.
Otherwise, many businesses are still reluctant to talk about enterprise blockchain due to the shadow of Bitcoin or other cryptocurrencies and the deception stories around them. Implying blockchain takes time to verify but businesses seem unlikely to be patient.
Blockchain is not and should not be just a marketing trend
The number of companies using blockchain as a marketing tool as many as companies using it because of its true value.
Although it does help to bring in the heat to industry, the ones who are trying to benefit from blockchain hype usually not last for long and can lead to a bad impression in the end.
However, there are companies whose enterprise blockchain applications do work well and bring in real benefit outside of fame.
Screening projects that really work. Enterprise blockchain solutions that akaChain is heading to.
The mission for enterprise blockchain platforms like akaChain is to help our clients classify which projects work and which ones don’t.
In order to do that, before actually deploying a blockchain project, we have to conduct the assessment to estimate the potential and feasibility of the project.
Despite the bad reputation around blockchain, based on our observation, people are getting clearer “what is enterprise blockchain?” and its business value through tons of efforts from blockchain developers and the ones who work in this industry.
Particularly in akaChain, we see that our big clients are very satisfied with our Loyalty & Rewards Network solution. We are also working on other projects about credit-scoring, e-KYC, and traceability solutions to optimize blockchain value to businesses. Learn more with our Use case.
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