Companies have already made the transition from intuitive management to data-driven management. Big Data and cloud computing have become more accessible. To stay competitive, companies are now looking for more than just data management. Business intelligence is evolving, using a combination of various technologies, including blockchain.
Many people continue to think of blockchain as superfluous or technology suitable only for cryptocurrencies. However, a lot of companies today already include a vast of different types of blockchain systems, and it has even become a condition of business competitiveness.
Businesses are surrounded by endless streams of data, and technology has already learned how to gather that information into applications and systems. Website visits, registrations, conversions, clicks, store visitors, the number of items in stock, in transit, and production, sales figures, revenue, the effectiveness of promotions, and much more make up the vast and constantly updating data streams that compose the picture of the enterprise. According to McKinsey, 70% of companies will be using decision analytics
in 7 years.
Blockchain can provide secure storage and immutable data. For example, this can be achieved through one-way encryption systems. Data is encrypted, the hash is written to the blockchain, and when data verification is required, the system checks the hash in the blockchain against the hash of the data in the system. If they match, the information is unchanged.
With the blockchain, you can not only store history but also ensure that this history has not been tampered with at any time, meaning that the information stored in it is authentic. According to the U.S. Chamber of Commerce, small businesses are often the hardest hit by cyber threats, with 44% of small businesses
reporting having been the victim of an attack with an average value of $9,000. Blockchain systems prevent access fraud, make data tampering more difficult, and prevent many types of cyberattacks.
Tokenization is already heavily used in the arts and real estate, and states are testing and using tokenization in state registries
. Smart contracts, blockchain-based system management, and data protection systems are also actively developing.
Blockchain is still a relatively new technology, but it has already changed business and the economy in many ways. Considering how many companies are still testing their capabilities, the future economy will become more adaptive, transparent, and digital in the future.