While some people are still trying to figure out what the blockchain is, others are trying to figure out how they can use this technology in their business. TechRepublic spoke with Jim Scott, director of enterprise strategy and architecture at MapR, to discuss how enterprise companies should take advantage of the blockchain.
Before implementing this technology, companies should start by looking at where they can benefit from a shared distributive ledger. "It requires a rethinking of how to structure and access your data, but the shared distributive ledger is just that—it's a ledger to keep track of what happened," Scott said.
Because this technology is distributed, it has high fault tolerance capability, and companies are able to place copies of it anywhere amongst any parties to ensure that there's nobody trying to cheat the system, he added.
SEE: Quick glossary: Blockchain(Tech Pro Research)
For example, if a company has a blockchain that's shared to a notary service, in case the company gets audited, they can prove it has never been touched by that company. When a company has all of their financial results in a shared distributive ledger that has a service like that in place, then they can then prove that all of their transactions occurred and no one inserted anything, he explained.
"There's a big benefit around the entire concept of a shared distributed ledger," he said. "It just requires some rethinking and retooling for how to run your business because, well, it's just not the same as everything else."
- Top 5: Business uses for blockchain (TechRepublic)
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- 18 new IT jobs created by Bitcoin and blockchain (TechRepublic)
- Executive's guide to implementing blockchain technology (ZDNet)
- Yes, Blockchain could reverse the course of civilization and upend the world's most powerful companies (ZDNet)
Dan Patterson has nothing to disclose. He does not hold investments in the technology companies he covers.
Dan is a Senior Writer for TechRepublic. He covers cybersecurity and the intersection of technology, politics and government.