Why Businesses Large and Small are turning to Blockchain technology
March 15, 2019
The hype of bitcoin mania is over. Now businesses large and small are discovering the benefits of the Blockchain technology and start transforming their business just like in the beginnings of the internet 30 years ago.
At the heart of the Blockchain technology is the concept of a shared ledger. Think of a database that is shared among all participants in the business value chain. Just like the heart of the Internet is shared network that is used to exchange information today.
The Blockchain innovation eliminates the need for a constant exchange and replication of information. The information is stored in shared place, called a shared ledger and accessed when needed by authorized businesses and consumers. It eliminates businesses and consumers from each holding their own copy of the data, either on paper or in silo databases.
Just like the Internet, that liberated us from information darkness, the Blockchain liberates us from TOO MUCH INFORMATION in too many places. Let us look at some key technologies that power the Blockchain: decentralization, security, and speed.
The concept of decentralization is not new. Businesses for years relied on multiple locations and multiple computers for their business to eliminate the dangers of a single point of failure. The end result were systems that copy data for the sake of replication, legacy applications that constantly require attention and a disease called EDI (electronic data interface) that opens the back door into enterprise systems for hackers to exploit.
With Blockchain, the network is built on a concept of collaborating nodes, at minimum three. No node has a single point of control. With many nodes in the network, there are no single points of failure. The data is replicated among the nodes and tamper-resistant without a need to worry about legacy applications. Businesses are free to form private networks, or join a shared public network. Because all nodes participating in the transactions speak the same “language”, it eliminates the need for data mapping, transformation or proprietary interfaces. This means the EDI disease is not just cured, but completely eliminated.
At Omnibasis Blockchain Network, we operate a large distributed network of computers in data centers on all continents. Our business customers are free to connect Omnibasis solutions to their own Blockchain networks.
Today’s enterprise system relies on a primitive concept of security called username and password. What is your password? 123456? Give a powerful computer a task, and any password can be cracked in matter of time. The username and password can be stolen next time you login over public network in the airport.
With Blockchain, there are multiple levels of security. At the heart of the Blockchain, is a tamper-resistant database. Once data is stored, the data cannot be changed or deleted. The Blockchain can be implemented with a rich permission schema, allowing for a modern business ecosystem of multiple parties with different levels of authority and roles down to the transaction level.
At last, access can be secured by private and public keys, requiring every transaction to be signed by a private key which is only known to the individual or business signing the transaction. The private key is not stored anywhere, that means even if any hackers get access to the person, they will not be able to access the data.
Omnibasis has implemented five levels of security (user account, user roles, network access, Blockchain access, public / private key) and allows businesses to use any number of the security levels.
Anytime you ask modern IT professional about speed, they will point to more hardware. Buy more hardware, more powerful processor, more memory. It is a never ending battle of spending more money on yet another box. There is no end in sight.
The Blockchain is built for speed. We are not talking about bitcoin, as it uses machines to crunch the math problem to verify the transaction. The enterprise Blockchain uses a large number (minimum three) of small network nodes and something called a Byzantine fault (what a mouthful!) to ensure that the network continues operating at optimal speed even if some nodes appear are offline. With that in mind, data is always stored instantly and consensus is reached and communicated to all nodes based on the rules agreed by Blockchain network participants.
On the Blockchain hosted by Omnibasis, our global network of nodes takes under a second to come to a consensus on each new block. That is fast. And because the network is decentralized, you are not limited by how many transactions the enterprise can process per second.
Blockchain is engineered for the enterprise
Blockchain is only a technology and not a full solution. It makes for a powerful protocol that can be tailored to your industry to create a smarter, more trusted, and a more automated business value chain. Business partners can operate together on a industry ecosystems and are able to leverage a single solution to harvest a significant business benefits shared across the network.
Together with our business partners, Omnibasis is building powerful solutions with Blockchain technology for Data Privacy, Customer Loyalty, Payments Management, Contract Management, Asset Tracking, Master Data Management, and Regulatory Compliance, just to name few. Visit “Business made simple” to learn how your business can be transformed with the power of the Blockchain technology.
Omnibasis is making it simple to harvest the power of the Blockchain with a cloud based intuitive platform enabling anyone to build and run distributed applications across multiple industries and connected devices. Visit omnibasis.com to learn how business made simple with Omnibasis.