Even today, the blockchain is often equated with crypto-currencies such as Bitcoin, Ether or Facebook’s Libra Money.In fact, there are various applications in the business environment, especially as the technology evolves.The interest of CIOs is all the greater.The analyst firm IDC expects worldwide spending on blockchain solutions to reach around 14.5 billion euros in 2023.
The blockchain is much more than bitcoin.
Photo: Alexander Kirch – shutterstock.com
This market growth is perfectly understandable, as Blockchain is an attractive alternative to data protection and contract design, much lighter and more efficient than traditional methods.Because data blocks are added incrementally to the blockchain and data storage is distributed, business transactions can be counterfeit.
The changes are understandable at any time, manipulation being largely excluded.This creates new models of collaboration and radically changes day-to-day activities.
However, according to consulting firm Gartner, blockchain technology will not be fully developed before 2025 (2).Nevertheless, analysts advise CIOs to start with integration and use already, so as not to be separated from the competition.There is also a risk of losing partners and customers who already want to work in a blockchain network.
The application possibilities of blockchain technology are multiple.Block chains are already playing a role in carbon credit trading, facilitating the financing of the supply chain for the pharmaceutical industry, allowing small and medium-sized businesses to digitize securities issuance, making health data exchange transparent and enhancing food security.
These are just a few examples of use – and this is just the beginning.
According to Gartner, Blockchain offers a multitude of applications that will evolve over time.CIOs need to consider this potential and plan for a gradual expansion of their blockchain strategy.The further development of the infrastructure here plays a vital role.Start by testing block chain enabled components before switching to specialized technologies.
The goal of any strategy must be to ultimately develop blockchain solutions containing the five key components: decentralization, immutability, encryption, token generation, and distribution.
Rather than examining only existing use cases, you should also look for ways to use Blockchain technology to make deeper changes to your business model.This may mean that Blockchain is initially deployed outside the IT department.The ISD therefore needs in-depth knowledge of the tools and standards of blockchain to meet the needs of each service and make this initiative a success.
But of course, the issue of security also plays a vital role.Although blockchains are considered very secure and difficult to simulate, they do not all have the same level of security.
For example, the vulnerabilities of a company’s infrastructure can be used to modify a blockchain.
Therefore, it is important to have a highly secure infrastructure, protect sensitive information, and set the highest security standards for encryption.CIOs should also consider the concept of ubiquitous encryption, which not only encrypts data in sensitive phases, such as transmission, but also provides consistent protection.
Whether you manage to implement Blockchain depends a lot on the strategic decisions you make today.Rather than sitting and waiting for more advanced blockchain solutions to come onto the market, CIOs should already consider deployment scenarios and develop them over the next five years.
CIOs must rely on an agile and robust infrastructure to ensure that the underlying technology meets business objectives while ensuring security, compliance, and governance.
By leveraging the IBM Blockchain platform for IBM Cloud Private on IBM Z, organizations can store data locally to meet regulatory and business requirements without sacrificing the power and flexibility of a public cloud such as the IBM cloud.
Now that the IBM Blockchain platform can be deployed in a multi-cloud environment, businesses can take full advantage of Blockchain’s innovation, speed, and scalability, while ensuring their data is better protected than ever.
More information on Blockchain and IBM offers are available here.Related.