Digital Transformation: From a single blockchain to a combination of blockchains

Blockchain technology is gradually gaining widespread adoption, and has developed from the proof-of-concept stage to the production application stage. Leading companies have expanded their exploration of their comprehensive application cases in terms of scope, scale and complexity.

In addition, the ICO and the increasingly diversified applications of smart contracts have also created a more diverse development environment for the blockchain. Enterprises should immediately begin to formulate relevant technology, talent and platform standards to promote the development of future blockchain strategies.

Likewise, start identifying business alliances that can be joined. In addition to the above-mentioned actions that can be taken immediately, companies should also focus on the next big opportunity of blockchain: the collaboration, integration and unification of different blockchains on the same value chain.

When the media frantically reported news about Bitcoin many years ago, some scientists and business leaders saw the micro-knowledge and saw the truth from various rumors surrounding Silk-Road and Mt.Gox at that time, that is, the technical essence of Bitcoin: Block chain.

They see huge disruptive potential in this open shared ledger platform. For example: Both public and private enterprises can use this technology to safely share their information with others under selective circumstances, and complete asset exchange and digital contract signing.

Individuals can also use the blockchain technology platform to manage their financial, medical and legal information-the block chain may eventually even replace banks, credit institutions and other traditional intermediaries as the guardian of credit and reputation.

Although most of these potential use cases did not have the conditions for comprehensive development at the time, the view that block chain technology may have a huge impact on the business field and even the entire society has gradually become popular.

Nowadays, with the huge cross-industry use case ecosystem formed around the blockchain, the blockchain once again dominates the headlines.

Blockchain technology has been widely used in different industries in different regions. For Example:

  1. Rotterdam, Europe’s largest port, recently established a research laboratory to study the application of blockchain technology in the logistics field.
  2. Public utilities in North America and Europe are using blockchain technology for energy futures trading and charging management of electric vehicle charging stations.
  3. Blockchain gives users the opportunity to control the pictures and content they post on social media, bringing changes to social media.
  4. Blockchain alliances-including Enterprise Ethereum Aliance, Hyperledger Project, R3 and B3i Blockchain Alliance-are developing a series of enterprise blockchain solutions.

As companies push blockchain use cases and proof of concept to the production application stage, and various industries and departments have begun various experiments to improve the scalability and trial scope of the blockchain, the above use cases are also increasing.

But there are still several issues worth noting. Although the number of platforms and protocols on the market is increasing day by day, there is no sign that one of these solutions will become the ultimate winner; therefore, there is no mature technology and process standard in the market.

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Moreover, certain companies in their respective operations may not be able to formulate a clear blockchain business plan, or may not be able to cooperate with partners in the ecosystem to achieve large-scale use of blockchain.

According to the recent development trend of blockchain, in the next few months, more and more companies are expected to break these barriers and convert original use cases and proofs of concept into production solutions that can be fully utilized.

Many people have high expectations for the wide application of enterprise block chain technology. In fact, the large-scale application of block chain still requires time accumulation and unremitting efforts. Once it arrives, it will be integrated with strategies, unique skills and advanced use cases in the fields of trade, finance, cross-border payments and reinsurance.

As these areas develop in the coming months, the future of blockchain will come.

Blockchain solutions change the way companies interact and their own corporate architecture

In the enterprise, the enterprise application cases of blockchain are roughly divided into three main processes.

  • The first category is the original field of blockchain, that is, financial matters, including but not limited to cross-border payments, the checkout cycle of suppliers and customers, and the automatic payment of smart contracts.
  • The second category is supply chain management, including (tangible goods and proprietary goods) certificate of origin, goods tracking in transit, and compensation for damaged goods under smart contracts.
  • The third category is internal processes. Although people often discuss external-oriented application cases, there are still many internal enterprise block chain use cases, such as inter-company reconciliation, inter-company settlement, and inter-company value transfer in the internal organization or decentralized enterprise application architecture.

The application cases of these internal processes are also a good way for companies that value risk aversion to try blockchain, which helps to demonstrate the value that blockchain can create within the enterprise, and promote the solution to other trades through these internal use cases. Achieve wider application and influence in external scenarios where partners participate.

Oracle Cloud: Blockchain platform as an extension of ERP applications
Oracle Cloud: Blockchain platform as an extension of ERP applications

Oracle Cloud and Blockchain

Various matters arising in the business process of an enterprise occur in multiple blockchains that it may involve. In the daily operation of the enterprise, these matters are generated, processed and transferred to the next blockchain. The architecture of enterprise-level application solutions must include multiple interaction points to adapt to the various blockchain solutions used by the enterprise.

This positioning promotes Oracle Cloud ERP to become the state center for internal and external transaction processing of the enterprise. Each independent blockchain platform as an extension of the ERP application (see the figure above) also enables the enterprise to continuously enhance its system in the face of various transactions. Processing power.

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