Dexon Software

Essential elements of blockchain for business

One of the most important controversies in the world today has to do with the economy and the transformations that technology is bringing about in the way we trade, buy, sell, etc. There are concerns about the security and stability of a digital economy, especially due to the presence of digital currencies, not only Bitcoin, but a wide range of cryptocurrency possibilities. Faced with this, one of the main features used to argue in favor of this digital economy is blockchain. We would therefore like to mention its main elements and show how blockchain can be used in a business.

Let’s first review what are the positions in the cryptocurrency debate and what role blockchain plays. First of all, those who defend this new form of digital economy argue that one of its advantages is the anonymity and security associated with it:

Your name is not connected to your account. You are free to use whatever pseudonym you want to manage your cryptocurrency wallet. What’s more, the identities of coin owners are always encrypted. This is a level of privacy that no other currency can promise. As the currency is completely decentralized – a peer-to-peer system, you are its master. You own it. Neither governments nor banks have control over it. (debatingeurope.eu)

Control and mastery, i.e., security guarantees based on autonomy. This is one of the goals of this type of currency. However, from the other side, risks are associated with this type of control:

How can you trust that which has no rules? As supporters of cryptocurrency proudly flaunt, it is completely unregulated and decentralized. As of yet, there is no central power dictating the rules of cryptocurrency. When we interviewed ECB President Mario Draghi on the subject, he warned: while the euro is backed by the ECB, no institution backs bitcoin. That is not reassuring. (debatingeurope.eu)

Therefore, the independence of cryptocurrencies also endows them with a certain level of risk associated with uncertainty and lack of backing. In the middle of these arguments, we inevitably find blockchain technology, i.e., the structure of cryptocurrencies themselves: it is the blockchain that gives them this autonomy and independence from large institutions.

Blockchain for business

This debate, which will surely only be solved by the evidence left by the use of these digital media, allows us to glimpse some of the benefits that blockchain can bring for business: while with respect to currencies, currencies, trade in general, having independence can mean at the same time a lack of support, this is not the same case when we refer to businesses and their commercial information.

For a company, the more independence it has to manage its information, the more efficiency it can develop with respect to its processes and the more security it can provide to its clients and associates. In this case it is important to emphasize that we are not referring to the possibility of using cryptocurrencies by organizations, but to take advantage of the benefits of blockchain technology for their transactions.

In the first place, the blockchain guarantees the organization sustained security in that its information cannot be easily altered without the intrusion being quickly detected and the problem fixed.

In addition, with this technology the company can handle large amounts of information without the need for a gigantic team of technology experts who are generating solutions for potential cyber security breaches, because the autonomy that blockchain allows makes each person responsible for the security of their own task: “in addition to enabling trust when participants lack trust because they’re unknown to each other, blockchain enables sharing of data within an ecosystem of businesses where no single entity is exclusively in charge” (techtarget.com).

The blockchain in business is an alternative to align the way information is recorded with the most important advances in global technology: the skills and degrees of technological management that have reached the systems, and also hackers of all kinds, mean that data security also has to accelerate and grow: “blockchain can address privacy concerns better than traditional computer systems by anonymizing data and requiring permissions to limit Access” (techtarget.com)

Our Dexon Business Process Management solution allows businesses to align all this technology with their own processes. With our tool it is possible to introduce blockchain without worrying about affecting the general workflow of the operation, as it is simply integrated with the rest of the systems that are in use in the organization at any given time. Thus, all the benefits of autonomy that this brings can be received without losing the support of a comprehensive solution that makes everything work in a single coordinated process.

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