Technology is undoubtedly a crucial aspect of businesses worldwide. With the world’s massive surge toward e-commerce, firms are called to harness the power of digital technology for their business processes. The Polish Blockchain Association, with hopes to empower business on blockchain, held its first-ever “Enterprise blockchain – new opportunities event” in Poznań last September 13, 2022.
With Bitcoin Association as a partner, the conference unified multiple experts, enterprises, and startups that apply their business endeavors on the blockchain. The participants were taught how blockchain was used by tech giants, the transport and logistics industry, and even within the Polish government.
Marcin Rzetcki, the Polish Blockchain Association’s Managing Director, noted that Poznań is one of the biggest blockchain knowledge and development hubs around the world. Although business on blockchain was the primary advocacy of the Poland confab, it also aimed to promote Poznań as a “blockchain city” to encourage blockchain-related investments for the country as a whole.
Rzetcki asserted that the market is indeed “dominated by new trends with blockchain technology standing as its backbone.” According to Bitcoin Association, the blockchain technology market has an estimated growth rate of over 68% per year, thus proving Rzetcki’s statement.
“Blockchain is an important innovation that cannot be underestimated by enterprises from across industries. It is therefore an ideal moment for businesses to deepen their knowledge about blockchain technology, key market trends in this area, infrastructure solutions, benefits, challenges, and above all, the emerging opportunities to optimize processes, design new revenue streams and build new business models,” said Rzetcki.
What Is the Role of Blockchain Within the Global Enterprise?
What is blockchain technology and why is it so exciting? It is based on the concept of a distributed, public record of all digital transactions. This allows for transparency and security because all the information is saved in a single location and not held by any one individual or organization.
Transactions are verified and recorded by computers working together as a network. It was first conceived as a way to track financial transactions, but its potential extends far beyond this.
Blockchain technology was originally designed for digital transactions, but recently it has been explored for other applications such as supply chain management and smart contracts. Blockchain offers a number of advantages over existing technologies, including transparency, security, and traceability.
Transparency
There are many benefits to using blockchain technology, but one of the most notable is its transparency. Unlike traditional systems, where information is kept confidential by third parties, blockchain is completely open.
This means that all participants in the network can view all relevant data without interference. This level of transparency provides a level of trust not found in other systems, which could be beneficial in many applications.
Security
Due to the security features of blockchain, it has become a popular choice for many businesses. It allows companies to bypass the need for a third party for verification and removes the need to trust one another. Furthermore, blockchain technology can be used to create tamper-proof contracts and tracking systems.
There are many reasons why businesses should consider using blockchain technology. Not only does it offer robust security features, but it can also cut costs and speed up processes.
Traceability
Like many other technologies, blockchain began as something simple. Developers wanted to create a system for managing money and other transactions without reliance on third parties. The problem was that blockchain wasn’t very reliable. It couldn’t be used to track multiple transactions or store sensitive data. However, over time, developers realized that blockchain could be used for more than just monetary transactions.
Today, blockchain technology is being tested for use in a variety of industries around the globe. Retailers are looking into its potential to track products throughout the supply chain. Healthcare providers are investigating ways to use it in patient databases. And finally, governments are exploring how it can be used to secure voting systems and document national borders.
While blockchain technology is still not in a perfect state, its unique properties can make it a very powerful tool for tracking and protecting data.
There is a growing trend among global enterprises to adopt blockchain technology for various purposes. The benefits of this approach include improved efficiency and transparency. By using blockchain in your operations, you can eliminate uncertainty and prevent fraud.
Cybersecurity Enterprise Solutions
IBM and the blockchain-based security tool suite Certihash partnered together to build a BSV blockchain-based product that will reduce the cost and time spent against cyberattacks. BSV blockchain’s transparent and immutable ledger allows for traceability on any changes that occur within a firm’s important logs and files, thus making audits and detection a lot easier.
Most of IBM’s projects were built on Hyperledger, an open-source project that supports distributed ledgers. The tech giant’s shift to the blockchain, as explained by IBM Consulting representative Patryk Walaszczyk, is because of BSV’s low fees, massive scaling potential, and secure platform. He then concluded that BSV is an “enterprise-ready blockchain” and the “right technology choice for enterprises.”
Tracking and Tracing with Blockchain
The transport and logistics industries’ use of blockchain was also given emphasis. Adrian Piwko, the Chief Executive of the online natural food market Pora Na Pola, utilizes blockchain technology to monitor and manage its supply chain, ensuring fresh food products are delivered safely from a farmer’s field to a person’s home.
Moreover, Hapag-Lloyd, one of the global leaders in container shipping, was able to benefit from blockchain’s traceability. Jakub Zarembiński, Hapag-Lloyd’s Blockchain and Cloud Expert, presented how the enterprise was able to optimize its management of shipping data and manifests, which allows the firm to make sure that everything is transported safely and on time.
The BSV blockchain’s immutable ledger, accountability, and security are only a few of the many inherent features it provides its users. One of the major reasons why it is a perfect fit for enterprises is its ability to handle big data at a low cost, averaging only 1/20 to 1/100 of a cent per transaction. And the fees will further be reduced as the network continues to scale.
As businesses continue to move towards digitization, blockchain technology provides an innovative way to achieve efficiency and accuracy across diverse settings. Its widespread application in the global enterprise realm will have far-reaching implications for both business owners and consumers alike.
