Following the market crash last December, thought leaders began to consider Blockchain outside of its conventional context. By separating the Blockchain from the shadow of Bitcoin, we have unearthed a revolutionary set of applications pertaining to industries unrelated to finance or currency exchange. For more than a decade, Blockchain was only used to support cryptocurrencies, but now it has been discovered that Blockchain can offer a wide network of processes with the same characteristics that it brought to the currency, unmatched security, full transparency, lower costs and much more.
For people struggling with the concept, you are not alone. The fact that Blockchain exists purely in digital form makes the overview difficult. The best way to describe Blockchain is as a public record keeping device, where P2P interactions are verified and then added to the registry. However, this ledger is not centralized in a single center and is instead distributed through a decentralized network which makes it incorruptible.
Logically, the original thinking was payments, using the decentralized network as a way to address all complaints arising from traditional banking, managing the flow of capital through a public ledger to eliminate intermediaries and restore autonomy to the individual. Now, it is understood that a decentralized ledger not only serves monetary transactions, but exchanges of all kinds of curative data exchange, the execution of agreements or the automation of repetitive processes.
Recently, Oracle NetSuite announced the launch of Oracle Blockchain Cloud, which is offered alongside its pre-existing services, including its ERP solutions, HR solutions, and PSA offerings. NetSuite leverages its Blockchain compatibility as a means to optimize its current offerings to support business owners interested in the technology, but it is also interesting to remain a NetSuite customer.
An Easy Integration
NetSuite has made integration easy for customers, exposing their customers to a broad Suite Cloud developer network (SDN). The SDN, made up of 40,000 global organizations, is capable of developing Blockchain applications tailored to the specific needs of each NetSuite customer.
Anchor Group ensures that all customers equipped with NetSuite offerings receive a NetSuite implementation that seamlessly integrates with the legacy architecture. NetSuite offers the Oracle Blockchain Cloud Service API to ease onboarding and integration concerns after implementing a custom Blockchain solution prepared via SDN.
To educate NetSuite clients on the risks and benefits inherent in their new Blockchain offerings, NetSuite has created many NetSuite mobile apps. The series is intended to foster customer adoption and answer persistent questions regarding the technology.
In an era where the exchange of information is fluid and continuous, security has become an imperative for corporate groups, as well as for the individual. By deconstructing central data systems and preparing that information across a vast network of nodes, Blockchain addresses traceability and communication deficits by bogging down supply chain processes.
The idea is that by eliminating the voices that contribute to a singular conversation, the conversation becomes clearer and more direct. With a more direct dialogue, Blockchain reduces error and miscommunication. Two parties agree to a set of terms, which are programmed into the Blockchain, when the terms are met, the agreement is automatically executed. This agreement can exist between the provider and the recipient, the employer and the employee, or simply as a set of directives.
For supply chain management, automating relationships can be game-changing. Often times the web grows too large and complex to be effectively managed manually. Manually configuring supply chains leaves them open to human error. Storing the supply sequence through decentralized reading leaves it impervious to human error and transparent to all parties involved. Every part of the web can manage its interactions through the ledger without worrying about whether the sequence accurately reflects the supply chain. Once information is stored on the Blockchain, it cannot be changed.
On the one hand, it will allow Bitcoin Circuit customers to reduce their internal equipment, reducing operational costs while at the same time increasing security and efficiency.
There are a few different ways that Blockchain will cut costs. On the one hand, it will allow NetSuite customers to reduce their internal equipment, reducing operational costs while at the same time increasing security and efficiency. Considering that Blockchain reduces human error, companies will spend less money doing damage control and fixing situations caused by miscommunication.
The companies will eliminate the intermediaries that were previously required to organize and record the data now stored within the Blockchain. For those who take advantage of Blockchain for transactions, they will also save money by eliminating the hefty transaction fees imposed by banks and will no longer suffer from exchange rates.
In addition to an increase in security and a reduction in operational costs, NetSuite customers will also reap the following benefits from Blockchain:
- Faster Payments
- Invoice Tracking
- P2P loans
- Treasury and Liquidity Services
- Cash Management Improvement
- Transparent Transactional Services
In the future, Blockchain will become more and more important to everyday processes.