Omnichain Solutions in the News: In nearly every industry today, organizations are challenged with finding efficient, secure methods to manage and share data related to transactions, contracts, assets and more. From finance and real estate to healthcare and retail, information silos and disparate databases create operational inefficiencies and make true collaboration between business parties difficult to achieve. However, a new technology has emerged that allows companies to break down these data silos and digitally connect multiple systems, partners and customers: blockchain.
Introduced in 2009 by Bitcoin inventor and pioneer, Satoshi Nakamoto, blockchain was originally developed to track cryptocurrency exchanges. A permanent, connected, peer-to-peer ledger, blockchain digitizes transactions by saving each exchange in a series of cryptographic blocks, from which the technology gets its name. No single party can alter any records, and any change requires consensus from all those in the network. The resulting ledger is immutable, providing complete data transparency and building trust for all members of the blockchain network.
With its origins in cryptocurrency, many organizations in finance and banking have naturally gravitated towards investing in the technology. However, blockchain carries the potential for a wide variety of applications beyond financial transactions. Its ability to provide real-time data visibility and transparency while keeping private information secure can help companies across industries improve operational efficiency, establish trust and make critical business decisions.
Healthcare practices, for instance, are exploring blockchain as a solution for the secure management of patient data. Hospitals, health systems, and insurance providers can use blockchain to record clinical information, share medical records, and even manage patient consent. The entertainment industry has found applications for the technology as well, employing it to prevent piracy. Movie studios and music labels can leverage blockchain to monitor owned content distribution, rights management, sales and licensing deals. And in real estate, blockchain can be used to manage contracts, property records and monetary transactions to streamline the home buying process.
In fact, a 2018 Deloitte survey of more than 1,000 global executives revealed not only growing interest in blockchain’s potential, but also rising investment in its practical applications:
- 74% of respondents stated that their companies recognize a “compelling business case” for Blockchain.
- 34% reported already having a blockchain system in production.
- 41% expect to deploy a blockchain solution within the next 12 months.
With companies across industries managing the increasingly complex networks involving the production, transportation and distribution of goods, it’s no surprise that 54% of survey respondents are exploring blockchain’s use cases for the supply chain.