A business viewpoint about blockchain technology

While I write this post, a new dot com bubble seems to be imminent. Around all 2017 the bitcoin don’t stop of growth. Only the year 2018 will tell us that it will happen with the Bitcoin craze. The bitcoin not is the interest of this post, but really the technology where this asset (cripto currency) are support. This is the blockchain technology.

Today a lot of big global companies are searching how adopt blockchain into your business. But Why? How blockchain can solve the problems of a companies in industries such as finantial, insurance, health, retail, etces, and even the pymes?

The following is our appreciation from inside and outside the blockchain playing field:

The transition

One of the major reaches of Bitcoin has been demonstrate that the decentralized computing is possible without a reliable third party. But out of the box of Bitcoin we are witnessing the transition from centralized computing, storage, and processing to decentralized architectures and systems. According to Muneeb Ali, these systems aim to

“give explicit control of digital assets to end-users and remove the need to trust any third-party servers and infrastructure”.

Blockchain technology is one of the key innovations making this shift possible.

One of the great aspirations was always to know instantaneously and with confiability what really is happen over the course of a day, such as: books banks, inventory systems clear sales and deliveries. but there are already technological solutions that allow this to be done. So why now look at blockchain?

The usefulness

Without a central authority we can take advantages of the capabilities of all participants to record and process things in real time, and it provides us with sort of an up-to-date accounting of the state of the world. Every process in the world where are need to track materials and effort, and money, things like that where this asset (cryptocurrency) are support. This is the blockchain technology. It is very important to differentiate between blockchain without permissions and blockchain with permissions. It is precisely the latter on which this publication focuses, because the industry has legal commitments and regulations to fulfill, and requirements such as: privacy, tracking, identity. In this post we are going to use the term distributed ledger how the result of the implementation of blockchain, but the definition of this term it’s open. Be careful bitcoin not is a blockchain or distributed ledger, this an asset that are created over blockchain.

Why blockchain can help to the industry and the real life users?

“Blockchain is just sort of rethinking of our existing business processes around how we can be more effective when we know the state of the world as it is right now and we know it in two minutes, and we know it in two hours, rather than having to wait until the end of the day for everything to be reconciled.” In the words of Brian Behlendorf, the executive director of the Hyperledger project “This is actually a transition from human scale to computer scale.”.

Blockchain change the business logic in the industries?

A very important active in the companies are business logic and its processs. This was discovered, are maintaining and are implemented in the current systems. The goal not is replace the existing business logic. Blockchain are more of a log-based system, this are recording what has happened, as it is happening.

Blockchain provide the source of truth, and a lot of other business logic will be based upon it.

What happen with the security and privacy ?

Like any technology to be implemented within a company, security and privacy requirements are imposed by existing business practices, or business logic.

When implement a distributed ledger to a company, this reside in a closed network, all operate in permissioned networks. This not should operating in a trustless environment such as public Internet.

All the participants in the distributed ledger are known, they’re permissioned that’s where that term comes from, and they all participate as if they are in a private network.

In relation to security a distributed ledger use cryptography and digital signatures to validate all the messages and the tamper of the messages is almost impossible.

“The immutability of the distributed ledger is guaranteed by the cryptography, but the nature of the trusted network, of the permissioned network, means that we have to treat it like any other back-office service.”

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Regards!