Read views of Infosys experts on how blockchain technology offers an unprecedented opportunity to transform the transactions of the future, how its adoption will create newer value propositions and what is required for its integration into larger IT systems.

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April 20, 2018

Blockchain Next: The boost for big data

Big data is the new fuel that drives business. Large global conglomerates as well as small brick and mortar stores are finding value in tracking and analyzing data from numerous sources.

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Why has big data management become such an important capability? It has a lot to do with the immense volume of data processed, speed and the types of data. In a world where every device, individual and entity generates information that can be tracked, organizations that leverage internal and external data will gain a deeper understanding of the market, customers and competitors. By uncovering patterns, correlations and insights hidden in large amounts of data, big data helps companies reduce effort and time, develop new offerings, understand market conditions, and manage their online reputation. In doing so, it gives them a sharp competitive edge.

Despite these advantages, leveraging big data remains a major challenge because many organizations struggle to share data safely, reduce latency, maintain and manage infrastructure, etc. As governments across the globe enact data protection laws like the General Data Protection Regulation (GDPR) in Europe, the need for data privacy, authenticity and provenance will increase significantly.

As I see it, blockchain - the technology that underpins Bitcoin - is the solution to these challenges. Blockchain can help organizations leverage data from databases around the world and unlock insights hidden within legacy and siloed architecture. Blockchain's robust validation processes will assure organizations of high-quality and relevant data. Further, the distributed nature of the technology ensures that up-to-date and tamper-proof data is available to all nodes on the network while creating an audit trail. Thus, enhanced security and data quality are just some of the preliminary benefits provided by the convergence of blockchain and big data.

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Several industries such as agriculture and banking can benefit from the convergence of these two technologies. For instance, the agricultural industry has been grappling to address issues of food wastage, counterfeit goods, over-stock, stock outs, etc. While blockchain can securely share data across stakeholders for product provenance, big data can offer insights into current demand and predict probability of wastage. Such benefits are drivers making organizations like Nestle, which already collects and analyses Big Data to suggest and propose an industry wide data sharing model between organizations and regulators in the industry.  I believe these two technologies will also create new models for organizations to securely share higher volume of data by accessing data that, until now, resided in the 'silo-ed' architecture of traditional infrastructure models.

On their own, big data and blockchain are already changing the way organizations understand the marketplace, consumers and the competition. Together, these technologies hold the promise of greater agility and efficiency enabling organizations to respond to consumer needs and demands using secure and validated data from around the world.

References

https://www.sas.com/en_us/insights/analytics/big-data-analytics.html

http://gennet.com/big-data/big-data-important/

https://www.newgenapps.com/blog/importance-benefits-competitive-advantage-big-data

http://bigdata-madesimple.com/why-blockchain-what-can-it-do-for-big-data-2/

https://www.inc.com/nicolas-cole/web-analytics-will-get-a-massive-improvement-with-blockchain-technology.html

https://www.foodmanufacture.co.uk/Article/2015/04/27/Nestle-proposes-big-data-sharing-between-industry-and-regulators




April 12, 2018

Blockchain 2.0: The cusp of converging technologies

Rapid developments in technology and ever-growing consumer expectations are together driving enterprises everywhere to re-imagine their business models. To succeed in this digital age, companies need to offer novel products and services while simultaneously reducing costs and increasing operational efficiencies.

 

Emerging technologies such as

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are triggering market disruption in every industry around the world. Companies that embrace emerging technologies and integrate these with their products and services will not merely get greater market share, but will also push the frontiers of innovation.

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While experts predict that these technologies will proliferate and become an integral part of businesses everywhere, I foresee many challenges for mass adoption. The data explosion from IoT, social media, video, audio, etc., is key to unlocking the true potential of emerging technologies. Now more than ever there is pressing need for secure, real-time access to data beyond the traditional enterprise boundaries.

 

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It is almost a decade since the world was introduced to blockchain in the form of Bitcoin. This underpinning technology that powers Bitcoin presented us with a new form of dis-intermediated, transparent business network that redefined processes and enabled trustless coordination between individuals and organizations. Several organizations including governments have embraced blockchain's fundamental ability to provide verifiable, tamper-proof, and decentralized data. The primary objectives are to create transparency in citizen services, streamline and bring accountability to supply chain networks, and reduce transaction costs and time in remittance networks etc.

  

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Blockchain's role as a scalable and secure, data and asset management layer positions the technology as a key enabler for many emerging trends. With higher security and secure machine-to-machine communication, blockchain can enable a scalable network for IoT between devices that are growing exponentially. Better availability and accuracy of data is now possible with blockchain for the development of AI and autonomous agents. Blockchain's ability to selectively and securely share data creates a marketplace for the dissemination of data between parties and promotes self-sovereign data ownership. Monetization of data powered by a secure, trusted and decentralized ledger incentivizes individuals and organizations to share data in new ways. This is enabling the creation of next-generation platforms powered by AI/ML, 3D printing, and AR/VR.

 

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With the creation of a virtuous loop, I see emerging technologies acting as force-multipliers in creating greater business value from blockchain networks. Increasing operational efficiencies has become a fundamental expectation and developing new business models is a survival strategy for today's enterprises. In such a scenario, organizations that iteratively innovate at the intersection of emerging technologies and blockchain will define the future. Our society, clearly, is on the cusp of a new, connected, intelligent, and ambient world enabled by blockchain.

In the coming weeks, we will discuss the convergence of blockchain and each of the emerging technologies mentioned above in a series of blogs.

References:

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