New technologies are changing business – this is no longer new news. However, technologies like Blockchain are changing how Digital Transformation occurs, leading business leaders to ask what both are, and how both might affect their success in a modern market. In fact, Blockchain and Digital Transformation are becoming more and more common in a digital era and should be carefully considered by the leaders of multiple industries.
What is Blockchain?
Blockchain is often called a ‘digital ledger’. It is the technology that underpins digital currency – such as Bitcoin and Litecoin. It allows for the distribution of digital information across a network but does not allow for this information to be copied. It was created as an architecture for Bitcoin over a decade ago and solves the immediate issues associated with a digital economy. From security to data, it can share information while also removing traditional cybersecurity barriers.
But, what is its effect on Digital Transformation?
It is important to realise that Digital Transformation is about innovating experiences with digital technologies. That might involve ensuring that insights are interpreted more correctly, customer experiences improved, security delivered with more efficiency, workplaces operating more productively, and much more. New technologies – such as Blockchain drive this.
Bu combining Blockchain and Digital Transformation, businesses can look at ways to mitigate threats and improve their operations. Blockchain could provide a secure path for Digital Transformation and allow companies to capitalise fully on new digital opportunities.
The rise of Blockchain has created solutions like Blockchain-as-a-Service for Cloud Environments. It has become more than a financial tool because it makes sharing, validating, and securing value points more efficient, streamlined, and secure than they have been before.
Other benefits include:
- Eliminating the Middle Man by allowing users to go straight to the source.
- Providing Smart Contracts to facilitate and enforce contract performance.
- Validating and Secure almost any process, including government, health, intellectual property, and more.
- Creating an IoT platform to handle the increase in data generated by the Internet of Things.
Blockchain and Your Business
Though it is still in the early stages of development, Blockchain is an asset that business leaders should be keeping an eye on. Blockchain and Digital Transformation can revolutionise how companies operate and enable better business practices across multiple industries.
The possibilities associated with this technology are huge and could reshape networking, data validation, and operations for business in years to come.
If you are interested in finding out more about digital technologies, and how Digital Transformation might affect your company – both now and in years to come – contact MOQdigital today.