• Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Special Offers
Business Intelligence Info
  • Business Intelligence
    • BI News and Info
    • Big Data
    • Mobile and Cloud
    • Self-Service BI
  • CRM
    • CRM News and Info
    • InfusionSoft
    • Microsoft Dynamics CRM
    • NetSuite
    • OnContact
    • Salesforce
    • Workbooks
  • Data Mining
    • Pentaho
    • Sisense
    • Tableau
    • TIBCO Spotfire
  • Data Warehousing
    • DWH News and Info
    • IBM DB2
    • Microsoft SQL Server
    • Oracle
    • Teradata
  • Predictive Analytics
    • FICO
    • KNIME
    • Mathematica
    • Matlab
    • Minitab
    • RapidMiner
    • Revolution
    • SAP
    • SAS/SPSS
  • Humor

Blockchain: The Heart of Digital Transformation

April 6, 2018   NetSuite

Posted by Emily Houghton, Industry Marketing Lead

Fifty-two percent of the Fortune 500 firms since 2000 are gone because they failed to see the next set of technologies and understand how they could capitalize on them, warns Ray Wang, Principal Analyst and Founder of Constellation Research Inc.

In the recent webinar, “Blockchain and Cryptocurrency Part 2: Maximize Potential, Minimize Risk,” Wang explains that blockchain will be at the heart of digital transformation for businesses in the next three to five years.

“This is an exponential technology that is changing the way we think about business models and changing the way we engage,” Wang said. “Blockchain is serving a unique role in the market that doesn’t exist yet.”

GettyImages 689271900 Blockchain: The Heart of Digital TransformationDespite the relative immaturity of this technology, a survey put out by Constellation Research, Inc. in late 2017 found that 52 percent of companies are considering or are already experimenting with blockchain. As the various consortia codify standards and use cases grow in number and maturity, Wang expects blockchain to become essential to the technology ecosystem of businesses.

As companies think about the basic requirements for blockchain to scale, Wang explained that it’s also important to consider when an implementation makes sense.

For blockchain to be successful, business must meet several requirements. For example, transactions with a variety of parties, and a high degree of information change and exchange are well suited for a blockchain approach.

Moreover, if there is a low trust factor between these parties, blockchain will go a long way. When trying to drive down the cost or length of a transaction, Wang said, trust is often the first barrier to get past.

“The heart of this is frictionless trust,” Wang said. With blockchain, “you know there is an authenticity to the individual on the other end. You know that they have already been validated or verified by their previous actions; there is a history of their behaviors.”

An interesting use case to consider is with charities and nonprofits. The lack of transparency in fund allocation with organizations is often an issue. With blockchains, Wang said, “We have the ability to understand how donations are being made and how funds are being distributed.”

Other popular blockchain use cases are being driven in the supply chain, where provenance of data is critical. Wang sites food distribution, drug integrity and clinic trial audits as valuable use cases. He also points to distributed storage as another benefit of blockchain that mitigates cost or bandwidth constraint.

“Not all the data needs to be stored in a central location on the blockchain; the content can happen all over the place,” Wang states. “This allows you to make sure that that data is secure, that that data is spread out and not vulnerable to one single point of failure.”

But while blockchain has a significant number of beneficial applications that cut across industries and business models, companies must be aware of the risks associated with the emerging technology.

A key risk to think about, according to Wang, is weak vendor security. As vendors built out platforms for users to choose from, companies must question the security of both credentials and code at full scale. Stress testing will be crucial to ensuring that these platforms can handle inevitable cyber-attacks.

Quoting the Willie Sutton Rule, Wang said “Why do people rob banks? ‘Cause that’s where the money is. Why do people hack blockchains? Because that’s going to be where the money and value exchange is going to be.”

In addition to concerns of security, Wang impressed that the current lack of standards and regulations will continue to be a challenge as these technologies evolve. Early adopters will have to consider how their business supports regulations that will emerge across industries and platforms.

Early adopters will also have to content with the fact that, “there aren’t a lot of people that are blockchain experts,” Wang said. A full-scale adoption of blockchain requires a team of people who fully understand the implications of what happens on the blockchain, not just a group of savvy coders and security experts.

Despite these risks however, Wang encourages companies to dive into blockchain and offers advice on how to approach a successful enterprise adoption.

Rather than build something from scratch, Wang advises companies to choose a platform that is already in production.

“Understand the platform, understand it’s limitations,” he advised.

Once a platform has been chosen, start experimenting to see how blockchain will impact your business model, Wang urged. Set up the right security, build a legal framework and model out your network ecosystem.

Watch the webinar recording to hear more of Wang’s take on the risks and benefits of blockchain, and advice on how to approach a successful adoption. 

Interested in attending the next installment of this four-part series on blockchain? Be sure to register for the next one, “Blockchain and Cryptocurrency: Perspectives from R3” with Carlos Arena, Director of Business Development at R3, to learn more about how blockchain platforms are being built and adopted by forward thinking businesses. It will take place on Tuesday, April 17.

Heading to LendIt USA 2018? So are we! Stop by booth #1225 to speak with a NetSuite representative about other upcoming Blockchain and Cryptocurrency events, as well as how our solutions serve the rest of the fintech ecosystem. In an effort to support local communities, for every badge we scanned at the booth, we will donate $ 5 to Techbridge Girls. Techbridge Girls is an Oakland-based nonprofit that seeks to excite, educate, and equip girls from low-income communities by delivering high-quality STEM programming. Stop by our booth and help us empower young women to explore careers in technology!

Posted on Thu, April 5, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

blockchain, digital, Heart, Transformation
  • Recent Posts

    • New Customer Experience Needs and Commerce Trends for 2021
    • A data transformation problem in SQL and Scala: Dovetailing declarative solutions
    • George Wallace Joins Laverne Cox For Comedy Titled ‘Clean Slate’
    • How Microsoft Azure DevOps and Dynamics 365 CRM Work Together to Improve Service Responsiveness
    • The Benefits of Dynamics 365 Online Versus On-Premise
  • Categories

  • Archives

    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • November 2014
© 2021 Business Intelligence Info
Power BI Training | G Com Solutions Limited