Intelligent CIO asked Sunny Lu, CEO, VeChain, if enterprises should invest in Blockchain and if so why? He tells us: “The future of Blockchain in enterprise solutions revolves around public Blockchain instead of private Blockchain, it is the true enabler of collaboration and value for businesses.”
For most companies, the question of whether enterprises should seek to invest in Blockchain has already been answered. According to the 2018 PwC Global Blockchain Survey, which polled over 600 executives in different regions and industries, 84% of the respondents say their organisations were active in the field of Blockchain technology.
For executives, the more perplexing issue centres around the type of Blockchain solution to invest in – from permissionless and open networks that offer transparency but also uncertainty, to private and permissioned chains that are more secure, but offer less trust to network partners and clients.
Enterprises must find an intelligent balance between decentralisation and security in order to maximise the trustless element of Blockchain data, This is a task that the global platform VeChain has set about solving with their hybrid-public Blockchain ecosystem.
VeChain’s innovative governance model is based around 101 Authority Nodes, comprised of industry and research leaders from around the globe, working together to authenticate data in a decentralised, scalable and efficient manner.
Together with enterprise partners like DNV GL, Deloitte, PwC and BIOS Middle East, they have built the first enterprise-grade Blockchain platform. By distributing network authority among trusted and reputable organisations, VeChain maintains a decentralised network while avoiding the instability often associated with a completely permissionless Blockchain.
UAE’s leading cloud service provider, BIOS Middle East, was quick to recognise the advantages that uploading immutable data to the VeChain platform provides. Their Security-as-a-Service platform, known as BIOS Secured, monitors client systems and networks while storing encrypted data about events, threats and incidents on the Blockchain. This provides an indisputable log that both clients and BIOS Middle East cybersecurity experts can analyse to better safeguard client networks.
Investing in Blockchain now isn’t just about providing your enterprise with a competitive advantage – it’s also about future-proofing your corporate strategy. Projects in California are working with soil moisture sensors on farms to create real-time moisture distribution maps accessible by third parties such as sustainable water organisations. In addition to having better understanding of how to optimise water usage for each crop, these smart farms are preparing for inevitable policies bringing stricter irrigation regulation. The automated and immutable nature of the VeChain platform provides trust when sharing information with third-party individuals or organisations.
Sharing the data between farms, supply chains, regulators, and consumers can create verifiable sustainability solutions that reduce wasted resources and contribute to a healthy corporate strategy.
In a future dominated by Smart Cities, smart manufacturing and autonomous supply chains, Blockchain will provide the infrastructure empowering commerce and business solutions. Taking a proactive approach to Blockchain investment will allow enterprises to bring trust, transparency and a new array of innovative services to their customers.