With all the craze around crypto-currencies at the moment, it’s easy to get side-tracked on how the cryptocurrency is performing and miss out on what else is actually happening with the computers under the hood that is driving this new craze.
The fascinating technology behind it, as we all know it is “Blockchain” , but it is more than crypto-currencies & Financial Tech, it is becoming the new standard for trust and verification of data. It’s mind-boggling to think about how blockchain can completely disrupt today’s industries and processes.
Innovative companies are already beginning to implement blockchain that is integrated with their ERP systems which talk to IoT devices to do more in real-time than otherwise possible. With the increasing use of “Smart contracts” (which is where a network of nodes will only validate transactions if certain conditions are met and then transfer value from one person to another) it is most likely that this will replace many existing processes and data traps, and this, in turn, will give rise to a new generation of companies to thrive.
The biggest wins of using Blockchain technology is that it makes things transparent, democratic, decentralized, efficient and secure.
Here are some areas where blockchain will most likely make its biggest impact in the next few years:
- Banking & Payment - It will make it possible to transfer money overseas in real time just as simple as it is , to do a skype video call across oceans and boundaries.
- Supply Chain Management – It will reduce time delays, human mistakes and will automate most of the process in the supply chain life-cycle.
- Cyber Security – No explanation needed here really.
- Retail – It will connect buyers and seller without a middleman and everything will cost less.
- Government Systems – It will help reduce bureaucracy and improve efficiency.
- Healthcare – It will create a single secure platform that will replace a zillion legacy system.
- Voting – It will prevent rigging of election results and make it absolutely transparent.
- Transportation – Automatically pay for parking, tolls, fuels, public travel & rides.
- Charity – It will help record every penny donated and where it is actually being used.
- Crowdfunding – It will help raise money through smart contracts.
...and all of the above is just the tip of iceberg, once the ability to develop databases with a blockchain design goes mainstream , the potential it has is unlimited.
The biggest impact blockchain could have on ERPs is that blockchain could radically change the nature of integration and might even completely replace existing systems as we know it. If the big wigs of ERP are not already on-board with blockchain, well things could change so fast that we might not see the big wigs around in the future.
Here is a simple simple example of what a blockchain design could do for you.
Imagine if you moved to a new address but would only have to update one record online and this automatically updates all the addresses of all the profiles you have ever created. That's the power of blockchain and smart contracts.
The future is uncertain but promising.
