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Blockchain, a Requirement for Digital Transformation

By CIOReview | Monday, November 13, 2017

Technological developments and innovations influence customer experiences and vice versa. Enterprises may revolutionize experiences according to their innovations or base their inventive effort on evolving customer demands. Some may do both. However, blockchain and AI technologies are setting the course for digital transformation at the speed of customer experience. Having been created as the technology architecture for Bitcoin in 2008, blockchain technology circumvents regulatory, processing and connection issues of digital economies. The development of machine learning, connected devices and analytics has increased customer connectivity with fewer barriers. Tackling the risks associated with this level of interactions is one of the prime reasons why blockchain is considered the key to widespread digital transformation.

Santander Bank estimates $20 billion a year in savings from using blockchain technology. Dodging traditional cybersecurity barriers with its security, data preservation and networking capabilities, blockchain can permit secure information-sharing by contemporary enterprises. Beyond the commercial domain, blockchain technology has larger cultural and political applications as well. Any entity with value is liable to change by blockchain and the protection it offers for the modern economy.

The infrastructure of blockchain technology enabling efficient networking may very well prove necessary for some businesses to make the most of their digital opportunities. For the full potential of the Internet of Things (IoT) to be realized, blockchain needs to be the underlying architecture, because of the risks to privacy and security associated with the rapidly growing IoT domain.

For all cloud and machine learning applications, HIPAA laws, licensing, regulatory issues, data validation, and security risks do not encourage digital adoption. Only with a foundation of blockchain can industries of finance, commerce, healthcare and digital economies benefit from digital transformation which is why blockchain and digital transformation go hand in hand.