Tracing deeper into blockchain for business..

Blockchain is the latest technology that has taken a lot of attention for everyone since some time later. The reason, Blockchain is often misunderstood or considered equal to Bitcoin virtual money. In fact Bitcoin is one of the implementation of Blockchain technology.

#UsualStartup 3rd edition of February 2018 presents Country Blockchain Leader IBM Indonesia Juliandri Jenie. Juliandri tells about the latest technology and how to use it for business purposes. Here's the summary:

What is Blockchain?

In short, Juliandri analogized Blockchain through the sale of BMW cars. They have 10 distributors with each of them 20 resellers. Means, when ditotal BMW has 200 ledger (ledger).

When BMW wanted to recover sales data throughout the year, they turned out to have only 199 ledger. How do I find the missing data? Obviously it would be troubling the team because it had to remodel the ledger to find his fault.

"Find the missing data is 'expensive', both in terms of effort, human resources, and others. If it can be completed in a week it can be good, but what if the data is lost more than that ?, "said Juliandri.

This example, he continued, shows that humans are easy to do wrong because they can not control their respective ledger systems. However, if using Blockchain, it can be avoided.

The blockchain basically has three elements in it, namely the network, the assets connected in the network, and the ledger to record all the records that occurred.

In real business practice, Juliandri pointed out to the action through the corporate action Spotify acquired startup in Blockchain, Mediachain Labs in April 2017. At that time, Juliandri did not understand what the correlation was between Blockchain and digital music.

Once he's searched, Spotify wants to pay a portion of his income to a music creator fairly. To do that it needs a technology that can keep track of who the songwriter is, the titles of songs that have been created, and so on.

If there is no technology, Spotify's initial spirit will not be realized. Therefore a Blockchain system must be created so they can track and make sure that a song is made by the right person. Advantages and disadvantages for business

The nature of the ledger in the blockchain can be seen to others but at the same time remains safe because it can not be changed by just anyone. This is what makes Blockchain dualism.

This fact at the same time become an advantage because it can make business integration between companies become more efficient. Everyone can trust each other because all the data can be recorded properly, can be seen by others although there needs to be special access first.

When the data can be replaced, there will always be a track record because the concept of the chain itself that can not be replaced, can only continue to be added.

Another advantage of Blockchain, he added, is that shared ledger makes Blockchain a distributed peer-to-peer system. This system relies on consensus among many people in the network to make changes in the chain, because there is no central server that decides whether the transaction is acceptable or not. It is believed to solve issues of data integrity, system integrity, and security.

Despite the great benefits, does Blockchain have any shortcomings? There was. According to Juliandri, the lack of Blockchain is the transaction duration will slow down. The more data you enter, the ledger update process will be slower.

"Because we must do the validation process, ranging from typography puzzle, proof of work, and so on. This will make the update ledger slower. Moreover, because naturally distributed p2p system, must be kept one by one because it must be true and everyone receives the same data.

"Blockchain will benefit greatly for supply chain companies. The advantages they can get are the increased visibility of logistics and documentation information across the supplier chain.

Other benefits include reducing costs and risks through automation, measurable and safe tracking of physical risks and events in the supply chain, and enabling the creation of new business models.

Although basically Blockchain can be applied to any kind of industry, according to Juliandri, it must be ensured in advance how the capacity of the company itself, whether it really needs. Note also what the implications for the business.

quotes from dailysocial.id

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