The promise of blockchain is substantial. It offers cryptographically supported data immutability, shared across a network of participants. But this comes with massive complexity. Your internal business processes effectively become shared across your network. And your blockchain-based system won’t be your system of record, meaning a huge integration effort involving data, applications and business processes. Lastly, the technology hasn’t matured to real-world, production-level scalability yet.

By 2021, most permissioned blockchain uses will be replaced by ledger DBMS products.

Gartner Predicts

What does Blockchain in Data & Analytics Enable?

Blockchain technologies provides the full lineage of assets and transactions, and transparency for complex networks of participants.

A shared ledger exposes an entire participant network as a graph of interacting, connected nodes.

This makes it possible to identify:

  • Which participants are interacting with each other.

  • How a first interaction potentially triggers second or third interactions.

  • How interactions change over time, and whether they are persistent or transient.

  • Who are the most important (and possibly most influential) network participants.

This graph can be analyzed to understand the flow of goods and data through a network and its sensitivity to changing conditions. In a supply-chain context, optimization modeling and simulation may also be enriched. While these methods aren’t new to analytics, blockchain-based networks greatly simplify data access and consistency across all participants.

How Does This Impact Your Organization and Skills?

  • Organizations adopting blockchain will need to recast their existing centralized business processes in the context of a distributed computing environment.

  • Traditional skills around data, application and process integration will be essential to successful blockchain evolution.

  • Enterprises will also need to develop blockchain-specific application development skills, including smart contracts.

  • Complicating this work are challenges around the lack of interoperability between competing blockchain implementations.

  • Until the blockchain technology landscape becomes less volatile, organizations should expect to support multiple blockchain implementations.

We've got you covered!

Relevant Session

  • Ask the Expert: Why You Need to Adopt Blockchain Smart Contracts for Revenue Growth

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