Asier Ortiz, Chief Technology Officer (CTO) of Lantek
Today, this technology based on P2P networks has developed beyond financial applications and is now fully immersed in the world of networks encompassing all sectors, integrated into the B2B ecosystem, for sharing information transparently and securely. And the potential of this technology is still to be fully exploited. According to data from IDC, by 2021, investment in Blockchain solutions will rise to 9.2 billion dollars, almost 10 times more than that of last year.
What we are talking about is applying this technology in collaborative environments. That is, creating Blockchain networks with suppliers or partners for tracking, for example, parts or raw materials, for quality control, etc. Even in sectoral networks, where knowledge can be shared... It would be like extending our company’s Intranet to our collaborators,
with the data of every machine, process and item flowing through the network. Data that is stored by blocks, which are, in turn, encrypted. Thus, information can only be seen by those who are part of the network, with absolute privacy and control. Moreover, the decentralization of the model puts all parties at the same level. No one has more control over the network than anyone else, which increases trust. The exchanged data can be updated by new notes and always with the consensus of all, but never deleted, providing greater guarantees of transparency and immutability of the system.
In terms of security, this is a level above what we have now, because to corrupt a Blockchain network the attacker would have to take control of the majority of the network simultaneously. What’s more, to delete information the attacker would need to destroy it completely, also in a synchronized way.
Another of the inherent advantages of this technology, that goes beyond the concept of security, is the possibility of knowing at all times the origin and traceability of data. In other words, tracing the origin of products, their life cycle.
But in addition to being groundbreaking in terms of security and presenting a new paradigm in terms of collaboration, this technology will change business process as we understand them today. Because the trust generated by the Blockchain system over other traditional systems enables us, based on the information available, to automate processes, customize orders, adjust the production chain... Even program each block of information to perform specific operations, without having to pre-authorize each process. In short, we gain agility in sharing information and, consequently, greater efficiency is achieved in the production chain.
As you can see, Blockchain technology goes beyond virtual currencies and it will revolutionize the way we understand and do business with our collaborators. Because the transparency of the system, the agility it brings to processes and decentralization will directly affect the efficiency and competitiveness of our production factories.
