Your business is built on trust. Anytime a business works with others, a certain level of trust is required, whether that’s protecting customer data, ensuring a shipment reaches its destination or agreeing to the terms of a contract. Those involved will have their own version of what that trust is but with different accounts available, this is when errors and inefficiencies can take place. This is why blockchain matters to your business.
Through the use of blockchain technology, these errors and inefficiencies are reduced as all parties have access to a shared ledger, enabling them to see what’s taking place from start to finish. Blockchain technology will benefit your company because it delivers an open, verifiable, and transparent system that will not only help you increase collaboration, it will also reduce friction, and drive innovation throughout your organisation.
Why Is Enterprise Blockchain Important?
Changing how we relate to each other, 2020 will be a year that sees applications based on the technology emerge to deliver business value at scale. This is noted by Deloitte’s 2019 Global Blockchain Survey, which found that 53 per cent of business respondents indicated that’s why blockchain was a priority for their organisations.
Gaining early traction in the finance sector — Gartner predicts that banks alone will derive $1 billion of value from the use of blockchain-based technologies this year — enterprise blockchain is steadily rising.
With another PwC survey projecting that blockchain will generate an annual business value of around $3 trillion by 2030, you can see why blockchain matters to a growing number of industries.
Blockchain technology is an incredibly powerful tool. The benefits it can provide for your business are:
- Collaboration: The technology enables permissioned parties to view and/or create records where no one entity has control. Because of this, businesses across a supply chain or business network can work together in a frictionless environment.
- Efficiency: Blockchain technology drives efficiency for organisations. Smart contracts, which aid predefined agreements between two parties, cut out the middleman, leading to cost-saving operational efficiencies across the business. Examples of where this could be applied include in real estate, digital identities, and insurance.
- Data Security: Due to the cryptographic encryption and the decentralized nature of the blockchain, it makes it one of the most secure technologies for your business. The whole point of why blockchain technology is used is to let people — people who may not trust one another — share valuable data in a tamper-proof way. Blockchains rely heavily on cryptographic techniques and mathematical models of behaviour to maintain their data security.
Of course, while a KPMG survey shows that 41 per cent of technology leaders are in favour of adopting blockchain for business by 2022, challenges still remain regarding how businesses can and should use the technology.
According to Deloitte, there are six key challenges: awareness and understanding, organisation, culture, cost and efficiency, regulation and governance, and security and privacy. Lack of talent is another challenge that should be considered. The Blockchain Council states that demand for blockchain engineers was up 517 per cent last year compared to 2018. Are these some of the issues your company faces?
If blockchain technology is to be adopted across various organisations, each with their own goals and existing technologies, blockchain providers need to strive for simplicity when it comes to user experience, operational management, and deployment.
By starting with your challenges and the aims you want to achieve, enterprise blockchain providers can ensure that they deliver real business impact.
Introducing Protokol: Enterprise Blockchain, Simplified
Protokol is an enterprise blockchain provider, empowering enterprises to solve real business challenges through custom blockchain solutions. From media to manufacturing — and every industry in between — Protokol are helping businesses across the globe unlock the benefits of innovative blockchain technology.
Through a highly-adaptable blockchain platform and a streamlined project approach, we reduce the complexity surrounding blockchain integration. By building custom solutions that work with your existing infrastructure not against it, we make integrating blockchain into your business easy.
Our range of blockchain services, including blockchain consulting, blockchain development and blockchain support, deliver real value to our clients. Enabling them to benefit from efficiency gains, improved cost-effectiveness, and the creation of new value networks and revenue opportunities.
Take the first step today and let Protokol assist you in exploring the value of blockchain for your business. Book a free consultation with our blockchain experts for a personalised blockchain use case and let us show you why blockchain matters to your business.