Blockchain: a mature business tool for the next digital decade

Blockchain Technology

The new normal for enterprise IT is defined by the rapid adoption and proliferation of cloud computing. Cloud continues to enjoy a more significant share of IT spend across industries. Hyperconnectivity, coupled with the ability to grow and scale faster, is necessary for organizations to ensure sustainability and business agility. Organizations are increasingly adopting multi-cloud and hybrid cloud to acquire scalability and resiliency.

Various business requirements have propelled organizations to execute large data transfers between sites in different cloud environments. For secure and scalable data transfers across multiple cloud platforms, a hybrid blockchain-based approach is needed.

A patent filed with U.S. Patent and Trademark Office(USPTO) explains that a hybrid blockchain-based approach involves a distributed network which would allow connected computers to exchange “tokens” containing metadata of the data set intended for transfer. The patent explains “The token can be transmitted using a blockchain network that is accessible to the first and second computer systems via a public network. The first computer system can then upload the data set to the one or more cloud storage service addresses via the public network, and the second computer system can download the data set from the one or more cloud storage service addresses via the public network.”

It makes sense to go for a public blockchain as it does not limit participation vis -a -vis private blockchain networks. With the emergence of next-generation public DLTs like Hedera Hashgraph, scalability is no longer an issue.

Blockchain, the new kid on the enterprise application block, has acted as a catalyst for cloud spend. Leading cloud providers are clubbing their cloud offerings with blockchain as a service component. IT behemoths in cloud space are exploring synergies between cloud and blockchain to automate and scale a wide gamut of services across multiple cloud platforms

As more and more mission-critical processes move to the cloud, it is necessary to accord importance to reliability, provenance, and transparency. It is essential to choose a blockchain-based approach to data transfers across multi-cloud and hybrid cloud platforms for ensuring trust in the digital economy. A blockchain-based system would give a holistic view of all entities involved in the usage of cloud services and administration. It will also help businesses optimize their compliance and regulatory processes.

Blockchain will play a vital role in the overall cloud strategy of CIOs and CTOs. The technology has gradually evolved into a mature business tool as business leaders have started leveraging DLT to foster trust and collaboration with stakeholders in the digital decade.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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