The integration of blockchain technology into mainstream business operations has been hindered by a pervasive obstacle—public perception. Despite the transformative potential of blockchain in enhancing transparency, security, and efficiency, the technology has faced a considerable challenge in gaining widespread acceptance due to misconceptions and uncertainties surrounding it.
The general public’s limited understanding, coupled with prevalent associations with cryptocurrencies, has created a sceptical environment that inhibits businesses from readily adopting blockchain solutions.
This is the view of Joshua Henslee (Coingeek Author and Blockchain expert), who was speaking at the sidelines of the London Blockchain Conference 2023. He noted that the perception of blockchain has specifically been harmed by chains such as BTC, which ‘gutted’ the technology and steered it away from its original purpose.
Have a use case and a customer first
Another issue facing widespread blockchain is a misunderstanding about the technology and how it should be used, said Henslee. He noted that many companies have adopted blockchain as a form of posturing, without really understanding the technology and how best to use it.
He added that it is vitally important to have a customer and use case first, before simply trying to adopt the technology and co-opt it into your existing plans. ‘With blockchain, you now have to start with the customer. You have to start with what they want and demand,’ he said. ‘I have talked with people who want to do that, which I think is good, but you’re not starting with the customer – you are starting with your own will. And that’s not going to make you any money.’
Use cases for enterprise blockchain
Enterprises across various industries are exploring innovative ways to leverage blockchain to enhance efficiency, reduce costs, and increase transparency. Here are five compelling use cases for enterprise blockchain.
Supply chain management
One of the most impactful applications of blockchain in enterprise settings is within supply chain management. Blockchain facilitates end-to-end visibility by recording every transaction and movement of goods on an immutable ledger. This transparency helps in tracking the origin, production, and distribution of products, reducing the risk of fraud and ensuring the authenticity of goods. This not only enhances trust among stakeholders but also allows for quicker identification and resolution of issues within the supply chain.
Smart contracts for automation
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, enable automation and efficiency in various business processes. Enterprises can use blockchain to implement smart contracts for tasks such as procurement, payments, and compliance. By removing intermediaries and automating routine processes, organisations can reduce costs, minimise errors, and speed up transaction times.
Tokenized is an award-winning all-in-one tokenisation solution for institutions, government agencies, enterprises, and individuals. A digital asset, or token, is simply one component of a smart contract and is inextricably linked to the details of the contract.
Tokenized aims to embrace this concept by improving the value proposition of digital assets through a digital transformation of the underlying contracts, and for all parties involved in the contracting process.
Cybersecurity
Blockchain technology offers a robust solution for strengthening cybersecurity measures within enterprises. By using blockchain’s and tamper-resistant ledger, organisations can secure sensitive data and transactions. The immutability of blockchain ensures that once data is recorded, it cannot be altered, providing a reliable and transparent record of all activities. This inherent security feature makes it significantly challenging for malicious actors to manipulate or compromise sensitive information.
SmartLedger crafted the Certihash suite exclusively for corporate clientele, presenting a tailored solution to mitigate the perils associated with data breaches. The inaugural component featured in Certihash, known as Sentinel Node, furnishes real-time notifications for network events.
This all-encompassing toolkit harnesses the BSV blockchain to guarantee the confidentiality, integrity, and accessibility of records, rendering them openly available on a permissionless blockchain.