Blockchain technology, a relatively new approach, differs in fundamental ways from traditional tools used to build collaborative business applications. Blockchain is an elastic technology that can be shaped in many different ways. This often makes it difficult to understand. While not yet in general usage, blockchain is generating a high degree of excitement in the technology community.
This ARC Insight will explore how blockchain for business differs from its application for Bitcoin and the attributes that help define the kinds of processes and applications for which it is particularly well suited. We’ll also provide a user case study of an existing proof of concept built using this technology.
Blockchain Technology for Business Is Not Bitcoin
Blockchain technology has been in the news. But many still don’t understand what blockchain is. Existing definitions are technical and hard for business professionals that don’t work in IT to understand.
Adding to the confusion is that blockchain for business applications is not Bitcoin. Bitcoin, the first blockchain application, is an unregulated shadow, or “crypto“ currency. Many view it as a mechanism that’s more appropriate for financial speculation than conducting actual business.
Blockchain technology is incredibly elastic. It can be shaped in different ways to fit different processes, network node architectures, and participants. It is difficult to generalize about blockchain for business in a way that applies universally. However, IBM, Oracle, and SAP – probably the three largest players in the business application blockchain space - all address this topic in a very similar way.
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Keywords: Blockchain, Supply Chain Management, ARC Advisory Group.