top of page

How B2B data sharing can be improved with blockchain technology


How B2B data sharing can be improved with blockchain technology
How B2B data sharing can be improved with blockchain technology


How B2B data sharing can be improved with blockchain technology


The ascent of digital currencies has gained rapid momentum these last few years. This has increased the use of blockchain technology to smoothen the connectivity between business networks. 


Blockchain technology in its essence is a pioneering database system that allows explicit data sharing within a business network, it’s a digital ledger system storing data in a unified network. Mostly attributed as a requisite for dealing with cryptocurrency, but the potential of blockchain lies far beyond that. 


Blockchain technology works as a system of integrated blocks, each block simultaneously contains a set of transactions which when added to the chain become incapable of changing. Consequently, this means altering any information in one block would require changes to all subsequent blocks which would make tampering with information almost impossible. An imperative principle in this technology is decentralization of data, which means it operates via a network of computers and not one centralized server system. This ensures the information remains encrypted at every step, and a single entity cannot take control of the data. Every transaction is encrypted and linked to the next, creating a sturdy chain of blocks. 


Using blockchain for B2B data sharing can improve efficiency and streamline business operations with its transparent and connectedly encrypted technology, in more ways than one.


Increased Security:

The encryption of the data stored in the blockchain at every step would ensure data cannot be tampered with. This is a paramount aspect of blockchain technology that harnesses decentralization as an essential aspect of it.


Automated Transactions:

Transactions would only take place when predefined conditions are met. Automating the operations of business would reduce the scope of human errors and ensure tasks are carried out properly. 


Cost Efficient:

By eliminating mediators the transactions would become direct and save businesses a lot of costs. 


Transparency:

Transparency goes hand in hand with blockchain technology because of its decentralized nature, ensuring the business is driving efficiency and promoting trust in an increasingly digital world. 


Increased Efficiency: 

The distributed ledger is shared with members in a network, saving time and allowing record reconciliations to be eliminated. 


IBM is an example of why technology shouldn’t stand in the way of transformation. They have implemented the use of blockchain technology to reinvent their workflow automation. IBM has built its Food Trust blockchain to trace the journey food products or products take to get to their destination. Making use of blockchain allows them to allocate the source of any outbreaks related to any harmful materials that were accidentally introduced to foods. Previously, it would have taken weeks to find that source but using blockchain would allow brands to track a food product’s route from its origin. This is just an example of how blockchain can be used. 


Businesses of any kind run on data and information, and it’s essential to realize the different ways data can be stored, processed, and transferred in safe and efficient ways. 

Conclusively, it’s essential to note that risk management is an important facet of consideration when it comes to building an enterprise blockchain application. An exhaustive security scheme that makes use of cybersecurity frameworks should be utilized to reduce the risks of fraud, scams, or attacks. 


Want to learn more? Read our other blogs.

Commentaires


Les commentaires ont été désactivés.
bottom of page