The term “Blockchain” is becoming increasingly more common in discussions about business IT strategies. Recently, global businesses, including Walmart and Amazon have announced projects involving the technology.
Many enterprise businesses are now looking to use the Blockchain, the technology most commonly associated with the digital currency Bitcoin.
To put it simply, the Blockchain is a peer-to-peer network combined with a time stamping server. This means every digital record transmitted across the Blockchain receives a unique timestamp that can’t be edited or deleted.
Incidentally, the network is autonomous and requires no administration as each user and each entry is self-administrating.
One example of Blockchain technology is the partnership between the US Food and Drug Administration and IBM’s Watson Health. In this scenario, the hope is to create a secure patient data exchange.
The use of the Blockchain will eliminate the need for most record keeping and save money.
But how can this technology work in the enterprise business environment?
Cloud storage is an application for Blockchain currently in the BETA stages of development.
The concept is simple. Instead of renting space on a single server for storage, data is stored on a peer-to-peer network of storage devices.
Users can rent out redundant hard drive space as “storage space.” Data is shared across the Blockchain in a similar way that peer-to-peer technology works. Consequently, the savings are vast, with data costing as little as 50 cents a gigabyte.
One advantage of this system is security, as data is shared across hundreds of devices and not stored in a single place.
As a result, this data is almost impossible to access unless a user’s encrypted access keys are compromised. What’s more, the strict security protocols used are very similar to those of Bitcoin.
As the roots of Blockchain are in the cryptocurrency Bitcoin, the technology can be easily implemented into a payroll system. A good example of this is for international payments.
If a business employs a global workforce, the use of a Blockchain system can significantly reduce the costs of payments.
By removing the costs of international bank transfers, businesses can save vast amounts of money. Right now, transfers using Bitcoin are a fraction of the cost of traditional banking.
It’s hardly surprising that the Bank of England is currently investigating ways of utilizing the Blockchain for payments and clearing.
At the speed Blockchain is developing it won’t be long before enterprise businesses embrace the power of this technology. Even in its purest form, collecting and sharing data across a single network, the scope for this technology is vast.
A price comparison website, like Trip Seats, can expand on its offer while reducing overheads and reliance on server space.
The future is in the Blockchain.