Published By - Brian Curtis

What is the Role of Blockchain in Business Intelligence?

What is the Role of Blockchain in Business Intelligence_

In today’s modern world, many of us have heard about blockchain and how it benefited other people and start wondering whether it will it benefit you or not, or is it secure enough? And many such questions arise in your mind.

As of now, blockchain has been adopted by many businesses and people.

The ledger functionality of blockchain is considered to be efficient, distributive, and very secure. Your data, which is present in the systems under blockchain, is stored in blocks forming a secure chain powered by cryptographic strings. Hence, the name blockchain.

Let us see some of the real-time uses of blockchain:

  • It is used to transfer money from one user to another within seconds.
  • Locating the items supplied from a seller to another. Managing the supply chain becomes an easier task.
  • Digital IDs can be made for the employees of a company.
  • Some companies use to run loyalty programs based on blockchain.
  • Hospitals and medical institutions use blockchain for recordkeeping.
  • Trading is simplified since blockchain has arrived.
  • Some companies use it for encrypting messages too.

What Role Blockchain Does Play in Business Intelligence?

Business intelligence and blockchain are being introduced together by various companies. Many such companies are trying to secure their data, embracing the potential on encrypted ledgers present in the blockchain.

One of the advantages of using blockchain for your business intelligence is that no more technology is so much associated with blockchain as compared to business intelligence, and there’s a reason behind it i.e., blockchain has the most run applications for business intelligence.

Blockchain, which is well known in the market for Bitcoin, provides users with data that cannot be altered due to the presence of records within a network.

Blockchain can help various businesses in transforming the way they perform global business transactions. Such transactions are extremely vulnerable to fraud as both the parties don’t know each other well.

Instead of using a Nostro and Vostro account, many businesses prefer making payments via a third party person or a company, which can lead to delay in such payments and shipment of items. Such transactions, if delayed, can be risky in case of some global businesses and can lead to heavy loss.

And here comes blockchain to the rescue. Blockchain helps to remove such third party companies and vendors, allowing businesses to be in touch and perform one-to-one transactions with ease.

While performing such transactions, blockchain also enables a company to track its global shipments like from the point, the item is being dispatched to the end of the sale. This tracking can be done in real-time and also of various things, including gasoline and other essential utilities.

Have you heard of ICOs?

Well, let me tell you that ICOs here refers to initial coin offerings. Such offerings are used by many companies nowadays to raise funds. These are kind of tokens based on blockchain technology that companies issue in exchange for money.

Such tokens are very useful in day to day transactions of a company. Like for example, these tokens can be redeemed by the clients of the company which have issued such tokens in purchasing or availing goods and services from the company.

This is very helpful for startups as of now; they are only using venture capital firms to raise funds for them and trade equity shares. Instead, now they can use such ICOs for building finds, and whosoever buys such tokens can avail services from such startups.

Blockchain is very useful in business intelligence as it provides a platform to track the records maintained in its ledger based encrypted database, which is anyways more secured than traditional centralized database present.

This move will benefit blockchain as every company wants a secure database to protect the user’s information.

Conclusion

Blockchain services in business intelligence should be used by companies in the near future so as to safeguard the data of the users and other critical financial data that companies hold.

Also, blockchain will help many startups to raise funds through initial coin offerings, which will help companies bypass venture capital firms.

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