In the future, blockchain is posed to remove the need for trusted middlemen to monitor and conduct business transactions; greatly increasing the speed, growth, and efficiency of the global economy. Blockchain will serve as the foundation for a truly decentralized economy where trust is inherent, unlocking untold amounts of value.
To achieve this future organizations must first embrace blockchain and integrate it into their everyday processes. At OwlTing, we see our purpose as acting as a guide to this future. We are building smart business solutions that add value today, while allowing companies to embrace the shift towards blockchain networks.
The first step to realizing the huge potential of blockchain technology is to start to store your data using it. At OwlTing, we like to say that our platform is the “Gateway to blockchain.” We have built a supply chain traceability software that allows you to store process data directly into blockchain.
Blockchain is a new technology that enables data to be secured and shared across a business network. Essentially is a smarter and more powerful database. The data entered in blockchain can be accessed and updated by all stakeholders, simultaneously.
Traditionally, all network partners in a supply chain keep their own records on individual databases. With blockchain there is no need for centralized databases. Imagine blockchain as a constantly updated peer-to-peer spreadsheet, full of transactional data, hosted on all stakeholder’s devices. Everyone has the same data available at the same time. New entries are validated by network governance rules, which are pre-determined to allow certain actors to enter/view specific parts of a process. This improves efficiency and removes the need for expensive intermediaries to verify the data is authentic and accurate.
In addition to being efficient, data stored in blockchain is inherently more secure against data fraud and hacking. Essentially, it is the digital version of a stone tablet; once data is stored in blockchain there is a record of that entry and who entered it forever – enhancing its trustworthiness.
Blockchain is the ideal technology for end-to-end traceability because it is designed to safely store transaction data in chronological order. This data can be trusted by all parties involved because if an inconsistency was found the issue could be found and responsibility assigned down to the person who entered and/or signed off on the authenticity of the data
OwlTing uses a private blockchain network so that permissioned access is required and sensitive information can be protected even among network partners in the same chain.
While other companies develop content about the potential of blockchain in the years to come we are actively employing blockchain to bring intelligent solutions to market. We believe the only way to bring blockchain to life is using it to solve real problems.
In the future blockchain will reduce the need for trusted middlemen to monitor and conduct business transactions greatly increasing the speed, growth and efficiency of the global economy. This will create a truly decentralized ecosystem where trust is inherent, unlocking untold amounts of value.
To realize this vision companies must first embrace blockchain and integrate it into their everyday processes. OwlTing’s purpose is to act as a guide to this future. We are building smart solutions that add value to the current structure, while allowing companies to embrace the shift towards blockchain networks.