The term “Blockchain” is becoming increasingly more present when discussing business IT strategies. With global businesses including Walmart and Amazon announcing projects involving the technology. Many enterprise businesses are looking to use the Blockchain. The technology associated with the digital currency Bitcoin.
In its most simple term, the Blockchain is a peer to peer network combined with a time stamping server. Every digital record transmitted across the Blockchain receives a unique time stamp that cannot be changed, edited or deleted. The network is autonomous and requires no administration as each user and each entry is self-administrating.
An example of Blockchain technology being used. Is the US Food and Drug Administration partnership with IBM’s Watson Health? The trial being developed would be for a secure patient data exchange. This is a useful cost saving exercise as the use of the Blockchain will eliminate the need for the vast majority of record keeping.
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 to how peer to peer technology works. The cost savings are vast. With data costing as little as $0.5 a gigabyte.
One distinct advantage is security. As data is shared across hundreds of devices and not stored in a single place. The ability for illicit access becomes close to impossible. Unless a user’s encrypted access keys are compromised. The security protocols used are very similar to those of Bitcoin.
As the roots of Blockchain are in the cryptocurrency Bitcoin. It makes a lot of sense that the technology can be implemented into a payroll system. A fine example is for international payments. If a business employs a global workforce. The use of a Blockchain payment system can significantly reduce the costs of making international payments.
By removing the costs of international bank transfers. Businesses can save vast amounts of money Transfers using Bitcoin cost fractions in comparison to traditional banking. It is of little surprise that the Bank of England is currently investigating ways of utilizing the Blockchain for payments and clearing.
At the speed, Blockchain is developing. It is only a short time before enterprise businesses are embracing the power of this technology. Even in the simplest form of collecting and sharing data across a single network. The scope for this technology is vast. A simple price comparison website such as Trip Seats can expand on its price comparison offer. At the same time as reducing its overheads and reliance on server space. The future is in the Blockchain.