About 10 years ago, the first and so far best known so-called cryptocurrency was created: Bitcoin.
The basis of Bitcoin is a set of technology building blocks
The technology and concepts are constantly being developed and are by no means uniform. Likewise, new areas of application are constantly being added: Blockchain can be used not only for cryptocurrencies and the so-called tokenization of assets, but also for the support of classic business processes. But in the case of business processes in particular, the question arises as to whether Blockchain is even suitable for this. And if so, what kind of blockchain technology?
To support business processes and the associated data, a variant of Blockchain emerges, which is often referred to as Blockchain for Business, partly as Distributed Ledger Technology (DLT). Although a blockchain for business is based on similar basic technologies as a public blockchain, which is used for example by Bitcoin and other cryptocurrencies. But it has a slightly different focus and thus other properties. In particular, the following differences can be noted:
The Corda Blockchain technology that is being developed and delivered by Open Source is currently thought to best address the needs of a business or government environment. What speaks for the use of a Blockchain for Business? From our point of view, the main benefit is the so-called “single point of truth” and the possibility of elegantly automating cross-partner processes using smart contracts.
All (authorized) parties see the same data at all times
This not only creates trust, but also the basis for extremely efficient business processes. Because error-prone and time-consuming synchronization processes are completely eliminated. In addition, the history of the data within the blockchain is fully traceable and documented, and the acquirer of the data is known. So the data is trustworthy, which increases its value.
Where is the use of Blockchain for Business appropriate? Most likely in a business environment where multiple independent parties, who do not trust each other 100%, come together, and where a common view on trusted data is therefore an added value.