—the ability to better manage their information
According to a study by UK-based research firm Juniper Research, nearly six in 10 of the world's largest corporations—57%—are either actively considering or in the process of deploying blockchain. Two-thirds of companies surveyed said that they expect to integrate blockchain into their systems by the end of 2018.
For example, Swedish Mapping Authority is already leaping ahead of the anticipated global curve by leveraging blockchains to record and automate property transactions, eliminating the need for physical archives of their contracts. The agency estimates that it will save Swedish tax payers over 100 million euro annually.
While the drivers for adopting blockchain may vary, the technology is sure to offer all industries one thing—the ability to better manage their information. The following are two of the most relevant examples currently being implemented that will serve to transform information management for enterprises.
Preserving the Integrity of Log DataMost information management systems sufficiently log all the key events in the repository. That said, most, if not all, of those audit logs can be corrupted. Despite millions of dollars spent on data protection mechanisms, it is relatively easy for administrators or malicious parties to copy, delete, modify, or falsify a company’s log data. For example, a security incident could remove or compromise log records in order to cover up the tracks of unauthorized users. Conversely, organizations also might struggle proving to third-party companies, auditors, or courts that their log records were created at the time stated and not recently fabricated.
When customers look at their management system for log entries—often accessible to a wide variety of users—they need to be able to trust that the data is pure and that the log is uncompromised. Yet, outsiders and employees alike have the ability to destroy the integrity of an organization’s data history, whether intentionally or by accident. Consequently, the inherent vulnerability of data makes it difficult for organizations to make solid business decisions around it while also creating additional challenges when proving compliance to government or industry regulations.
Applied to this scenario, blockchain provides a trusted, independent, and cost-efficient proof-mechanism that ensures that log entries can’t be deleted or altered after the fact. For example, the Walmart Corporation is planning to leverage blockchain technology to help improve and ensure food safety standards throughout their entire global organization. Blockchain’s distributed ledgers are increasingly being used to ensure both the integrity of the process and the legitimacy of log data involved in all transactions—everything from tracking inventory to confirming payments to verifying that all tasks were conducted thoroughly and accurately along the way.
Two-thirds of companies surveyed said that they expect to integrate blockchain into their systems by the end of 2018.
Cost-Effective Alternative to Digital SignaturesDigital signatures are based on two or more groups that sign documents or other data, requiring a trusted third-party to issue signing certificates to verify that the signatures of all signing parties are authentic and that the signed data has not been altered. Providing a crucial security control in many organizations, digital signatures leverage certificates and complex mathematical algorithms to verify the legitimacy of data as well as protection against forgery when authenticating documents across email and other systems.
However, they come with a few downsides. Anyone who relies on digital signatures for authentication on a regular basis is familiar with the difficulty and cost of acquiring trusted certificates, the signing and safekeeping of those certificates, the uncertainty around whether a third party is truly impartial, and the difficulties in agreeing upon a provider that everyone can trust.
The advantage of blockchain is that it can provide proof of data integrity without the need 