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For as long as one can remember, the store of value evolves with the needs of society. Once it was spices, other times it was metals, and then paper money, with several other evolutions over centuries.
Oil became the new gold and laid the foundation of an era where gaining control meant monopolizing the store of value.
However, just as oil replaced gold, data replaced oil a few years after the dawn of digitalization and the monopolization of data became the new normal.
Data has existed ever since the first inscribing was made on the cave walls, but with the Internet, the data become more accessible and more real.
According to research conducted by McKinsey Global Institute, data-driven organizations are 23 times more likely to convert a customer in comparison to their counterparts.
This shows that the availability of processed data and access to quality information can have significant implications for businesses today.
How Blockchains Can Help Optimize Data?
Accumulating and using data is both an opportunity and a struggle.
Opportunity, because it is extremely easy to get your hands on a sea of data and struggle because the regularity challenges and status quo are baked hard into operations across the globe that obstruct harnessing data in an absolute sense.
This struggle gave birth to a need in society, the need for a better data management infrastructure that makes security, integrity, and ownership a common characteristic rather than being chased after.
This marks the rise of a technology that overcomes data silos among departments in organizations and protects data privacy, eliminating monopoly and centralization.
Enter Blockchain Technology.
At the core of using data in an efficient way lies challenges such as centralized servers, uncontrolled access, and data manipulation.
Due to such reasons, different departments have been unable to inter-operate with each other, significantly delaying the decision-making process as well as innovation.
Blockchain technology inherently addresses these challenges and offers a comprehensive approach to modern data needs. Blockchains like Anryton are enabling businesses to combat data issues with the seamless integration of advanced technologies. To learn more about Blockchain.
Blockchain and Interoperability Between Enterprises
Interoperability is when enterprises wish to work together. With the current architecture of the digital world, interoperability between organizations is challenging.
Let’s take the example of the aviation, hospitality, identity, and transportation sector. A user, John, who is traveling, has to undergo many challenges during his encounter with all these industries.
While booking a flight, he has to log in to the flight/aviation website and book flights with his credit card information, and prove his identity by submitting his passport.
After that, he logs in to another website to book his hotel.
Finally, he has to book cabs again using his personal information.
In this scenario, John has to unnecessarily share his credentials and financial information multiple times, with multiple entities.
As a result,
- There is more chance of data theft
- There is no control over data access
- Data storage is being handled by third parties who can use the data as they want
- The financial data of John is then used by agencies to target him on social media for booking relevant services.
Moreover, John has to prove his identity again and again which becomes a hectic task.
With Blockchain, such as Anryton’s Layer 2 solution, these industries can run separate nodes and allow data access via those nodes.
In essence, the data is recorded once on the Blockchain, protected with advanced encryption techniques. This data is accessed by organizations as and when needed, upon approval by John.
John can track who accessed his data and get a complete audit trail that can be used to identify the culprits in times of any crime or conflict.
Therefore, with a Blockchain-enabled ecosystem, John will enjoy the advantage of booking all required services from a single checkpoint, without ever revealing his true data.
Blockchains such as Anryton provide the base for such services to prosper where, without compromising the data, enterprises can cross-function effortlessly.
Therefore, Anryton as a blockchain platform allows the optimum use of data to improve the business process and maximize the use of data that has remained siloed.
Conclusion
The world is increasingly becoming user-centric as customers become aware of their data rights.
Providing an unabated flow of data, imbued with integrity and ownership, will have a huge significance for industries in a competitive environment.
Anryton’s Layer 2 Blockchain emerges as a knight in shining armor for these industries, looking to integrate the advanced concept of Blockchain without disrupting their regular operations
