[BLOG] Blockchain For Businesses
Supply chain industry is receiving a lot of attention as the applicable system for blockchain technology. As a representative case, IBM made partnerships with Walmart and other large logistics corporations, and such cases are expected to increase for the next 5 years. Since blockchain is applied to supply chain, it seems that market size will experience large growth.
The blockchain can be divided into a ‘Public’ blockchain and a ‘private’ blockchain depending on the prior approval of the network participation. The blockchain that we commonly think of is referred to as public blockchain. This public blockchain does not need prior confirmation to view, write, and verify transactions. Also, since information cannot be changed once it is recorded; it is possible to block the possibility of manipulation on information.
However, this public blockchain is not suitable for use for the large enterprises. The immutable data, which is the specialty of this public blockchain, conflicts with destroying of personal information that is related to regulation in the country and parts of the world. In Europe, the European Union’s privacy policy, the GDPR (General Data Protection Regulation), obliges users to correct and delete personal information stored online. In Korea, a policy exists that after certain amount of period, the personal information must be deleted. Also, there is a difficulty to record and manage data without the verification of identity for the businesses and companies. So, because of these reasons, large corporations use private blockchain.
In the private blockchain, a centralized group or owner in the private blockchain system exists. Data in the private blockchain can be changed based on administrator’s discretion, so that it loses the value of decentralization. In fact, private blockchain loses the capability of the transparency and decentralization, which is a critical disadvantage. Could a blockchain without the capability of the decentralization and transparency, truly be the blockchain?
So, in this case, which blockchain does an enterprise use? TEMCO is simply based on public blockchain, which allows everyone to view the data transparently. However, the information collected by TEMCO is divided into public information and private information. The public data is stored in blockchain through TEMCO’s protocol. On the other hand, relatively sensitive confidential information is encrypted and stored, and this information can be set in a way that only a specific user of the company can view it. From publicly visible information that everyone can see to confidential information that only the company needs to share, all information is securely stored and used independently in the connected TEMCO supply chain data platform. Starting from the information that everyone can view to private information that should only be shared within a business, all the information is stored in TEMCO’s supply chain data platform and the data are individually accessible. In short, TEMCO is based on a public blockchain, but confidential information is encrypted and that is TEMCO solution’s advantage.
Accordingly, TEMCO is based on public blockchain and at the same time have the advantage of the private blockchain. TEMCO’s innovative blockchain technology is plays a role in the supply chain industry.
TEMCO: Innovative Supply Chain Data and E-Commerce Solution through Blockchain and Smart Contract Technology.
▶TEMCO Chatroom: https://t.me/temcolabs
▶TEMCO Official Website: https://temco.io
