Blockchain information management
The few who understand that it is essentially a decentralized database shared between parties with the capacity for immutable, real-time transactions when properly implemented typically see no correlation between these characteristics and achieving business objectives. They soon will, however, if not for themselves, then for their competitors. Blockchain has emerged as a coveted asset during a time in which distributed, remote interactions are an integral aspect of information management—and remaining operational. In these scenarios, there is a lot of data, its timeliness is important, and the consistency and correctness of the data also matter, he noted. The unalterable nature of blockchain data means such consistency and correctness creates an unassailable trust for numerous enterprise use cases, supporting the following:.
We are searching data for your request:
Blockchain information management
Upon completion, a link will appear to access the found materials.
Content:
- THE BLOCKCHAIN: THE FUTURE OF BUSINESS INFORMATION SYSTEMS?
- Blockchain and Education: Secure Records Management
- Information & Records Management and Blockchain Technology: Understanding its Potential
- Using blockchain to improve data management in the public sector
- Construction Inspection Information Management with Consortium Blockchain
- Blockchain in Business Workshop
- eHealthChain-a blockchain-based personal health information management system
- Mastering blockchain for traceability and trust
THE BLOCKCHAIN: THE FUTURE OF BUSINESS INFORMATION SYSTEMS?
By: Roy Castleman on May 21st, Data Management Blockchain. Blockchain is one of the most important new technologies that has impacted the business world in the last decade. Along with cloud computing, artificial intelligence AI , and robotic process automation RPA , blockchain is transforming business operations and challenging traditional methods the world over. For those who are considering adoption for one of its many applications, blockchain can hold great promise.
Much of the appeal comes from the unique qualities of the technology. Blockchain is a series of blocks, each with a cryptographic hash of the previous block linking them together in a chain. The blocks also contain a timestamp and transactional data. Blockchain is immutable, as it cannot be broken except with the agreement of the network.
This means it is completely secure, and it cannot be changed. It is also unique in that it is decentralized, so there is no single authority governing its use. Blockchain networks can be either public or private, the latter of which can only be joined with permission from the network. In my work at Mustard IT , many of our data management projects for our clients have involved the use of blockchain. Let's take a look at what the use of blockchain can do for your data management.
Given the high number of data breaches in recent years, we all have good reason to be concerned about the misuse of our personal data. In , an attack on the consumer credit reporting agency, Equifax, leaked the personal details of around million individuals.
This included the credit card details of over thousand people. Other large companies, agencies, and government bodies have also been subject to damaging attacks in the last decade. While attacks on small businesses are less likely to make the headlines, they are no less frequent in their occurrence. Security methods, such as encryption, are useful in the fight against data breaches, but they cannot offer complete protection.
Even the systems of organizations with the highest levels of security have been penetrated. However, blockchain technology can offer greater assurances against data breaches. The government of Estonia has been using a new blockchain-based technology known as Keyless Signature Infrastructure KSI to protect public data. In this process, hash values are created, which represent much larger sets of data.
These values can identify data records but cannot reconstruct the information contained in files. They are stored on blockchain and distributed on a private government network.
When files are changed, new hash values are added to the blockchain, and they are then unchangeable. The system is transparent, and the changes to records are closely monitored. Information stored on the digital ledger can be kept on different nodes, and the networks may be either public or private.
Before any information can be added to another block, it must be analyzed and cross-checked. This process represents an extra layer of verification. Gartner has recently predicted that blockchain technology will improve the quality of data by 50 percent by This prediction is based on the use of smart contracts, which can check and normalize data.
Blockchain consortia can also enforce higher standards of data. However, Gartner also predicts that the availability of data will decrease by 30 percent in the same period. Smart contracts are a way of ensuring that the terms of the agreement need to be met before the contract can be executed. As with other aspects of blockchain, all transactions are recorded and cannot be altered.
This means trusted and secure transactions or agreements can be held between anonymous parties without the need for an enforcement mechanism, a legal system, or a central authority. The traceability of data is how easily its records can be traced in terms of history, location, or application.
Traceability can relate to its internal or external use. It can represent a considerable challenge for businesses in the food and pharmaceutical sector, as billions are lost every year through theft, fraud, and counterfeiting. Manufacturers and consumers in global supply chains are calling for more transparency and traceability to combat these losses. There have been several applications of blockchain in the supply chain for improving the traceability of data.
These include the tracking and tracing of diamonds by the company Everledger, in an industry that is fraught with criminal activity. Blockchain technology has also been recently implemented by Walmart in a partnership with IBM, in an effort to improve efficiency and reduce health risks in the food supply chain.
Running data analysis in real-time, and monitoring changes as they happen is a great advantage to any organization with assets in data.
This is one of the most effective ways of safeguarding against fraud and theft in a data-driven industry. This kind of data analysis was not possible until relatively recently, and it can help to reduce these areas of vulnerability. As Blockchain is distributed and transparent by nature, businesses are able to notice any irregularities as they occur, and they can be viewed in spreadsheet documents. Blockchain technology also allows simultaneous collaboration on the same sets of data.
In addition to security improvements, real-time data analysis can help organizations in various ways. This includes more effective use of resources and a more accurate matching of supply and demand.
It can also be used to gain insights and receive clearer forecasts, as well as to maintain high profit margins. Governments and large organizations often collect a vast amount of data on individuals and companies. But because this is stored in department and agency silos, it isn't as useful as it could be. In the public sector, this means that different departments won't have complete access to information on individuals as they don't have the required permissions. This can result in a considerable amount of time spent trying to track down information from other government bodies.
This could be dealt with by a central information repository from which information could be shared across the different agencies and departments. But the problem with this is security, as a large amount of sensitive data stored in one location would be a likely target for cyber attacks. This is yet another area in which blockchain technology could provide a solution.
The decentralized nature of blockchain allows data to be shared easily across organizations, which are also able to control who can gain access. Information can be stored on a dedicated ledger in a blockchain database that individuals and companies can access online. Individuals can give the organization the authority to read or edit certain fields, and they can share certain information with other agencies.
The organization can be given permission to write data, but the user retains ultimate control. Blockchain technology is yet to reach widespread adoption, though applications of blockchain are becoming more common in both public and private industries. Uses of the technology in banking and supply chain are increasing, while new applications are being adopted by the day. There are still challenges blockchain must overcome, such as interoperability, but dedicated ventures, such as Polkadot and Cosmos, are currently working on these.
With many vested interests in the field, blockchain is seeing many new technological developments rapidly taking place. If you haven't already considered the future potential of blockchain, now is the time to do so. An experienced consultant in disaster recovery, he has accreditation with such companies as Microsoft, HP, and Cisco. Become a Member. Member Login. Categories Follow Us Subscribe.
What's the Business Appeal of Blockchain? Data Security Given the high number of data breaches in recent years, we all have good reason to be concerned about the misuse of our personal data.
Data Quality Information stored on the digital ledger can be kept on different nodes, and the networks may be either public or private. Data Traceability The traceability of data is how easily its records can be traced in terms of history, location, or application.
Blockchain has a number of qualities that can enhance traceability: Tokens can be used to give each product a unique identifier on the blockchain, and any information can be securely stored.
It is also possible to store information off the chain, with reference to it in the hashing algorithm. If necessary, only authorized participants can be given access to the information on the blockchain. As blockchain is linear, a historical chain of events can be clearly followed. Real-Time Data Analysis Running data analysis in real-time, and monitoring changes as they happen is a great advantage to any organization with assets in data.
Data Sharing Governments and large organizations often collect a vast amount of data on individuals and companies. Now is the Time to Consider Blockchain Blockchain technology is yet to reach widespread adoption, though applications of blockchain are becoming more common in both public and private industries.
Blockchain and Education: Secure Records Management
Looks like Javascript is disabled on your browser. AND OR. Add Another. Standard Search Advanced Search. Limit to results with full text. Select All Expand All.
Information & Records Management and Blockchain Technology: Understanding its Potential
Blockchain has been the one of the hottest new technologies of the past couple of years. Blockchain is a technology and infrastructure that allows for the execution or completion of transactions without precisely knowing who is on the other side of that transaction. In the popular media, blockchain—and the relationship it has to virtual currencies such as Bitcoin—has a financial focus. But blockchain also can apply to any transaction or passage of data or contracts in any industry. There are three key characteristics of blockchain: the technology is transparent, secure, and immutable. Blockchain is transparent in the sense that you can look at the trail of the movement of data. You can see the exact line of steps where data has been passed along.
Using blockchain to improve data management in the public sector
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. See general information about how to correct material in RePEc. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact:.
Construction Inspection Information Management with Consortium Blockchain
By Cecil CJ John. Records management is one of four blockchain business initiatives that can save money and provide generate revenue, according to Gartner. The technology has the potential to impact all records management processes and extend their capabilities. It also has broad implications for securing and authenticating intellectual property at a lower cost and higher efficiency. This article is not a primer on the blockchain; however, I will outline some of the specific challenges with records management for government and how the distributed ledger technology can provide a solution. Protecting government records is a massive and complex undertaking.
Blockchain in Business Workshop
Related Topics: Healthcare. Healthcare organizations and their systems have a nagging problem. Patient information has to be communicated between different hospital systems and stakeholders in a consistent, secure way while maintaining patient privacy. But here are the key challenges:. We will not go into a lot of detail describing blockchain as there is extensive information on this on the web. But we will discuss its capabilities especially that can be applied to health care.
eHealthChain-a blockchain-based personal health information management system
By: Roy Castleman on May 21st, Data Management Blockchain. Blockchain is one of the most important new technologies that has impacted the business world in the last decade.
Mastering blockchain for traceability and trust
RELATED VIDEO: Blockchain or Database: Explained!One of the most promising applications of emerging blockchain technology is supply chain management. Blockchain—the digital record-keeping system developed for cryptocurrency networks—can help supply chain partners with some of their challenges by creating a complete, transparent, tamperproof history of the information flows, inventory flows, and financial flows in transactions. The authors studied seven large U. Their early initiatives show that the technology can enable faster and more cost-efficient product delivery, make products more traceable, streamline the financing process, and enhance coordination among buyers, suppliers, and banks.
A printed version of the special issue will be available as well, for a nominal fee. Blockchain is often defined as ledgers with entries organized in an append-only, sequential chain using cryptographic links and distributed out and stored on a peer-to-peer computer network. In a new AIEF report, Blockchain Technology and Recordkeeping , the authors aim to provide an overview of blockchain technology that helps information professionals know how to address the challenge of effectively managing records in these emerging recordkeeping environments. The authors shared their current state of understanding with a view to help prepare records and information professionals for the future of recordkeeping in a blockchain world. The primary focus of the overview is on the records layer, but there is also an explanation of how records professionals can understand the other two layers and, to some extent, how the layers interact in the design and operation of blockchain systems.
Blockchain technology is an emerging distributed, decentralized architecture and computing paradigm, which has accelerated the development and application of cloud, fog and edge computing; artificial intelligence; cyber physical systems; social networking; crowdsourcing and crowdsensing; 5g; trust management and finance; and other many useful sectors. Nowadays, the primary blockchain technology uses are in information systems to keep information secure and private. The popularity and rapid development of blockchain brings many technical and regulatory challenges for research and academic communities. The main goal of this book is to encourage both researchers and practitioners of Blockchain technology to share and exchange their experiences and recent studies between academia and industry.
There are no comments yet.