Regulatory compliance is a crucial area for most, if not all, businesses. Ensuring compliance can be costly and time-consuming; however, failure to adhere and comply can result in significant financial punishment. Blockchain technology can provide a single source of cryptographically verifiable data, stored and continuously validated in a trustless and decentralized manner. Furthermore, smart contracts can automate a plethora of activities, enabling seamless insights and efficient data analysis.
Several blockchain requirements should be recognized before pursuing the adoption of blockchain technology within your business.
Are there levels of trust with third parties in your current business processes?
Do you need to comply with regulatory requirements such as GDPR?
Can your data be public, or must it be privatized?
Decentralization
Decentralization is the transfer of decision making power and assignment of accountability and responsibility to all involved parties for results. Decentralization is achieved via a Peer-to-Peer (P2P) network that relies on a host of computers that can be geographically distributed worldwide. It physically cannot work with a single computer or point-of-connection. Instead, it requires a slew of other computers to join in to complete a specific task on the network.
Transparency
The blockchain is a public registry of who owns what and who transacted what. This auditable, shared ledger make it possible for anyone to track the movement of transactions and resulting balances and contract states throughout the network.
Trustless
Trust is the cornerstone of any transaction. Knowing you will receive what is expected from the party you agree with has always required a middle man, such as holding assets in escrow or verifying an individuals identity. With the blockchain, trust is established through mass collaboration and clever code instead of a powerful institution that does the authentication and the settlement. Cryptography and consensus are two of the features of blockchain which make trust issues a thing of the past when transacting safely.
Stratis consultancy services can assist in fleshing out feasibility studies and designs for the digital transformation of existing business processes by implementing blockchain technology.
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