While the blockchain today has been acquiring increasing prominence in industry circles, it is yet to achieve mainstream adoption. A key reason for this is because that not many are aware about its potential impact on industries. Due to its decentralized ledger interface, the blockchain can not only add better security to data management endeavours but also simplify certain processes. In certain industries, the blockchain is being leveraged in niche use cases or behind the lines to change business processes and bring in new levels of efficiency and efficacy.
According to CB Insights, the annual spend on blockchain technology is expected to reach $ 16 billion by 2023. On paper, the idea of having a verified and decentralized ledger for transaction data are limitless as the blockchain is essentially tamper-proof. Based on insights, let’s delve deeper into how the blockchain is bringing greater transparency and authenticity in the digital data ecosystem.
Better rights and IP management
There are a plethora of streaming options and piracy runs rampant despite Digital Rights Management protocols. Even with streaming platforms that pay, the lack of transparency with regard to play statistics means that artists struggle with royalties. Until recently, artists have had to make-do with royalty payments going askew because of no proper way to verify the play statistics. However, the blockchain can change this and simplify rights management greatly. It would be easier for artists to establish ownership and get their just dues.
An article by the Economic Times highlights that the Indian Patent Office is working on using IoT, AI, and the blockchain to make the patent process more refined.
Data Collaboration And Control
Today, collaboration and data control are points of friction. There is a pertinent lack of trust. It is here that the ‘trustless’ and ‘decentralized’ blockchain interface comes into play. To succeed, enterprises must keep data on premise in an auditable and immutable form. The blockchain acts a system of record – a decentralized ledger where a record is created in every block- if one piece of the block is different from the rest then it will not be accepted. This also the companies to conduct business in a ‘trustless’ fashion and without depending on third parties.
An article highlights that smart contracts can be used for purchase and sell transactions based on a pre-defined criteria.
Supply Chain Management
The supply chain and blockchain are like a match made in heaven. The ability of the blockchain to offer transparent, accurate, and authenticated transactions in a predictable manner with full auditability and pre-approved fees is priceless. The decentralized nature of the blockchain makes it more reliable, whereas the removal of middle-men reduces costs. The risk for fraud is mitigated as transactions are irrevocable and immutable.
Data Privacy
The blockchain can transform how data is handled by businesses. As this article highlights, data privacy and protection have been controversial topics in the present age. A decentralized model can enable consumers to have better if not full control over their identity and data shared. A privacy first approach could go a long way in building trust with consumers. However, until then, businesses have taken the right first steps by resorting to consent management and data collection. Today, there are many decentralized video and music streaming platforms, gaming platforms, social media platforms, and even browsers. Time will tell if these become popular and lead to a new epoch for the internet.
The way ahead
The blockchain would underline a radical shift in business models. Moving from a centralized to a decentralized interface needs that stakeholders at the government, enterprise, and mass level come today to usher in a renaissance. The advent of industry 4.0 technologies can also mean that there is hope when it comes to the mass adoption of blockchain technology and the many benefits it offers.
