Real-Life Blockchain Solutions: In The Trenches of Real-World Data Problemshttps://wwww.comidor.com/wp-content/uploads/2019/10/Template-for-posts_new-01.jpg789527Comidor Low-code Automation PlatformComidor Low-code Automation Platform//wwww.comidor.com/wp-content/uploads/2021/07/Comidor-logo-new-444x112-2.png
Chapter 1: Introduction
As mentioned consistently across the internet, Blockchain technology is, in a way, a decentralized network of nodes that stores blocks of data. It’s supposedly secure, reasonably fast and free of any central governing body. Thousands of independent computer systems uphold nodes that can be part of a blockchain network. Thus, this technology improves the integrity of the stored data.
Contracts, transactions, and the proof that those happened are among the defining structures in our economic, legal, and political systems. They define assets and construct organizational boundaries. What’s more, they establish and approve identities and chronicle events. They are the tool that governs interactions internationally, between organizations, communities, and individuals. They are the guidelines of managerial and social action. And yet, the tools that are already in place to handle this plethora of interactions, fail majestically. They’re like a rush-hour gridlock trapping the fastest F1 car in the world. In a digital world, we should drastically change the way we process and handle data, to ensure that these interactions are meaningful.
Chapter 2: What are the problems that real people face in the digital age?
Let’s look at the world from a prism of a global, boundless economy. Taking also into consideration the rules that a free market model encapsulates, the number of problems seems indefinite. Ιf one takes a step back and captures the big image, one can observe that all these problems tend to get down to the same fields. Which are these fields? Communication, repeatable actions (aka automation), transportation and the providing of action confirmation. Those exact fields are the foundation blocks where any BPM system tries to provide a neat solution. Every industry revolving around these fields (almost each and everyone) is facing constant challenges that sometimes prevent it from achieving a set target. Although the actual product that the industry is responsible for might be absolutely fine, the way that the industry handles business processes might result in bottlenecks. These bottlenecks could have a large impact on the delivery of that exact product.
Real-world challenges that society currently faces include the endless amount of bureaucracy, which almost every acting entity has to face, in order to achieve the desired result. Τhe centralization of networks, applications, and data could potentially lead to catastrophic attacks on a global scale – including and not limited to – banking systems. The never-ending debate upon electronic voting and how it could be carried out securely and at the highest score of integrity constitutes an additional problem. Organizations and businesses have also to face the real-estate trading that constantly gets manipulated by the largest stakeholder and the growing needs of infrastructure in order to operate at the desired level.
All these never-ending never -solved and never-concluded problems get larger and larger as data gets bigger.
Solutions that rely upon infinite resources, such as a Blockchain network of computer systems dispersed across the globe, are the best practice in order to avoid a data Armageddon.
Chapter 3: How can Blockchains solve critical real-life problems
Due to the nature of a Blockchain, every member that joins it, is privileged and obliged at the same time. Privileged, because of the free or by payment access to the resources that this network provides. Obliged, because of being a part of this expanded network that aims to give resources to solutions that handle big-data applications and manage large-scale transaction handling.
This creates a network model that expands asynchronously in relation to the growing resource requirements. For example, if in a given network each client is also a server and traffic gets spread to every node then, as resource requirements grow, resource availability grows, too. Maybe not in a 1-1 ratio, but at a specific rate in order to handle today’s and tomorrow’s computing needs.
Also, because of the decentralized model of Blockchain technology, data integrity is totally assured. Various mechanisms ensure that copies of data are stored in multiple nodes across the network. If one system is compromised and data gets deleted or corrupted, validation mechanisms can ensure that data remain intact.
Chapter 4: A conclusion on blockchains and their immediate future
In sum, blockchains can be a powerful tool for every organization and business that aims to solve real-life problems. This powerful tool is useful to deal with large-scale data and a countless amount of transactions. The key to success is to go beyond simply using this technology. Success leads to the execution of the same processes faster and cheaper.
Solutions should presuppose that blockchains do not just become another platform in which, existing solutions reside. The solution’s architecture should differ according to the specific nature of the blockchain technology. This won’t be an easy path. Organizations need to evolve from the service provider business model that they have used for decades. At the same time, they should forge partnerships in order to aggregate a broader portfolio of services. A decade from now, industries such as the telecom market and logistics will look dramatically different. The only question is whether traditional ones have the foresight to take the steps necessary to win.
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