|Distributed ledger technologies are now showing potential in resolving problems that plaguing modern information technology / Photo by: MoneyConf via Flickr|
Distributed ledger technologies like blockchains are showing potential in resolving many problems plaguing modern information technology (IT), according to independent tech web resource RTInsights.
As the business sector transitions to digital and data-driven technology, it has also increasingly become a subject to cyber threats, booming information storage, and exchange costs, as well as overall balkanization.
RTInsights said it was nearly impossible to encourage the previous enterprise IT infrastructure to smoothly support the modern day's highly scattered and highly automated business models. However, integration of blockchain tech may give some relief through cryptographically secure, peer-to-peer networks for decentralized data management and distributed record systems.
For permission or consortium blockchains, any business segment that can take advantage of relatively secure data sharing throughout a network of participants, even without a central "owner," could be "greatly disrupted by distributed ledger technology," the tech web source said.
"Traditional business-to-business (B2B) contractual models familiar to many organizations may soon be transformed by blockchain’s ability to facilitate “smart contracts,” which automate transaction flows to improve overall information delivery and interaction," RTInsights explained.
It added that this change could be applicable to many industries like healthcare, finance, transportation/logistics, and supply chain. The shift could also apply to areas like digital rights management, travel and leisure, advertising, and even the Internet of Things (IoT).
However, applicability is still under study and organization of various sectors is still learning. This explains why some enterprise use cases are not appropriate for blockchain.
While there is still general confusion on the blockchain, the web source stated that it will rapidly evolve and grow in areas like performance and scalability, as businesses experiment more with non-crypto solutions built with blockchain.
"IoT as a source of information for blockchain implementation will undoubtedly become more prevalent in the near future (along with the associated concerns around security and accuracy of data), as will the concept of micropayments (small, automated payments outside of today’s popular public blockchain networks)," RTInsights added.