Blockchain offers immutable data storage on a distributed ledger that can be trusted by multiple parties and offers tremendous efficiencies. It was first developed to support Bitcoin, but it is much more than that. Blockchain can be applied to any situation where transactions, data, assets, or processes need to be tracked, shared, and secured.
Blockchain is essentially a new kind of database, one that has decentralized control, high- throughput, and immutable data storage. One whose very structure inherently brings a high level of security and ultimately trust. This is a game-changer because if all parties can trust the data, the whole process becomes faster, more efficient, and less costly.
FREQUENTLY ASKED QUESTIONS
Why is this better than my traditional database?
Blockchain supports immutability, which means that data written cannot be erased or replaced so data tampering is not possible within the network. Blockchain also offers transparency which ensures all involved parties can verify and trust the network. Lastly, it allows for smart contracts which eliminate the risk of manipulation by third parties.
How human-intensive is it to manage this?
Blockchain-backed supply chain automation reduces the human effort for all business functions. While in some cases, it outright reduces the working hours spent on the same tasks, it also increases the reliability and quality of existing human efforts. Automated, scalable infrastructure with security by design is a workforce multiplier.
What does this do to my storage budget?
Storage is one of the least expensive aspects of modern computing, but even knowing that, the increase in storage footprint to add a blockchain bus is negligible.
Is it energy-intensive and bad for the environment?
Wave Dancer’s platform is a private or permissioned blockchain implementation. The power consumption concerns you read or hear about are related to public blockchains, where cryptocurrency miners generate tremendous power demands as they solve cryptographic puzzles. As a private blockchain, WaveDancer’s consensus methodologies are not energy-consuming.
Contact us to discuss your supply chain or any security challenges.