ENTERPRISE BLOCK CHAIN EXPLAINED
Over the past two months I have been involved in a ton of high level conversations with leaders of industry explaining and brainstorming Enterprise BlockChain applications in their space. It has been very interesting to uncover how little even the CIS directors of these large companies know about Enterprise Block Chain in a whole, so i decided to take the time to write an article that will cover exactly what it is, how its TOTALLY different to bitcoin and give some examples of the uses of Enterprise BlockChain being used on our projects today.
Ok, first things first lets dive into exactly what Block Chain is for those of you who are relating it wholly to Bitcoins and Crypto Currency. Block Chain is a way to transfer information safely, securely, and in real time by attaching the information being transferred, shared or stored to a certain block. The blocks are coded with specific Hashes that communicate solely with the block they are attached to and can only be transferred or shared with proper permissions granted from the owner of the info. This is a brief and very 10,000 ft view of how the tech works, I have full presentation that I can share at request if some would like to dive a little deeper.
Blockchain technology is typically associated with financial asset trading, but we see a much larger opportunity. Blockchain technology can be used to strip away the complexity of legacy business integration models used in many processes. Blockchain disrupts the complex and time-consuming process of business-to-business transactions with an alternative that’s transparent, verifiable, and TAMPER-PROOF.
In today’s day and age of hacking you cant open the paper or turn on the news without seeing a large corporation discussing a data breach, putting their customers and their information at risk. When we as a society see companies like SONY get hacked our ears and eyes are turned from it because it doesn’t effect us directly, who cares if Seth Rogans emails were made public, or a few TV shows or movies were released, but when Equifax the credit giant goes down, the general public is effected in ways beyond measure. Do you think Equifax has bad cyber security? No they have the most state of the art, high level security that any company can possess, but today that doesn’t matter. The National Security Administration(NSA) was hacked, and the tool that they use to hack companies and individuals being investigated was shared on the dark web for all hackers to access. Since this tool has been released nearly every major company with any usable data has been thwarting off attacks, or paying ransoms to get their information released back to them, as early as last week a hospital in Virginia was hacked and all the patient information was held ransom for 5 million dollars.
This isn’t just happening in high level business institutions a friend of mine her in NY owns a small medical device company and he had all his data hacked, his accounts frozen and held ransom for a bitcoin. A 16 year old kid hacked a county, an entire county in NC and held it ransom for sixteen thousand dollars. So really no company that has coveted info that Hackers want, or companies don’t want released to the public(like the medical records from the hospital last week) are safe from these threats, the only true answer to these problems is the formation and implementation of Enterprise Blockchain Technology. You see even if one of the 8 blocks of information used on the chain is breached, the info is unusable without the other 7 and the others would be deemed unreadable until the administrator or the owner of the info rectifies the situation.(just an example, I have not heard of this happening)
My experience in the industry has afforded me the opportunity to offer this type of technology to many companies over the last 6 months, Im lucky enough to be able to see the systems at work, and see the ease of aggregating data! I cant even start on what happens when we tie a system to AI….. But thats a whole other conversation!!
ChainNinja strives to deliver custom end to end Blockchain solutions and make this transformation easy and painless for our clients. We are a full service BlockChain provider from ICO to enterprise; we have our own team of developers, architects, coders, etc. If you are interested in any Blockchain opportunities, please reach out to us at: [email protected] or visit us at: www.chainninja.com