Can I Benefit From a Blockchain?¶
The whole point of blockchain is to provide a secure, tamper-proof way of managing your valuable data, which gives you complete trust in the integrity of your data, even when you share it with other organizations. Three areas can be very beneficial, which are discussed below.
Single Source of Truth¶
Thanks to immutability a blockchain can be used as a single source of truth to prevent fraud or prove evidence in cases of a dispute. Once the data is written to the blockchain it cannot be deleted but only updated. This feature gives you the ability to track every transaction and have an audit system between different parties participating in your blockchain network.
Imagine all the important data in your organization being stored in a single location. If the single location breaks in any way, all data is lost. This is when decentralization and storing important data in different places come into play. With decentralization, your organization’s data is safe, even if all other locations or parties in your blockchain network lose them. Your data will still be present in your ledger. Therefore, you don’t need any third party to make guarantees between you and your partners. Instead, every member holds the same “truth” in the data on the blockchain.
Countless business processes and manual interactions can be automated by smart contracts. These can be programmed to check for certain conditions and to trigger different actions based on the conditions met. These triggered events are written into the ledger creating an automated audit or tracking system for you and your business partners. The result is automated, auditable and transparent contracts.