With mainstream awareness of the blockchain-based goods and services rapidly increasing thanks to cryptocurrencies such as Bitcoin, there is a lot of buzz about this decentralised technology. But there is little understanding of what this technology is and its potential in the field as a disruptive force.
You can take your time to think about what blockchain-based platform tools could mean for channel partners and the brands. All these transaction relationships require trust from all partners to be successful. The main reason for using blockchain-based tools is to help individuals, in particular, those who do not trust each other share valuable information in a secure and tamper-proof way.
Leveraging Blockchain in the Enterprise
One way of replicating blockchain capabilities in the channel is to develop a private blockchain that will use the same distributed information system, but the use case involving content sharing will be centred on a unit of predefined players. A private blockchain will require a broker between the two or more domain implementations. Under this case, linked enterprises will still be in the position to use blockchain applications but in a limited fashion.
For this structure to work effectively, organisations must be able to use both off-blockchain capabilities like validation and encryption. This will allow machine-to-machine transaction at scale. Here are various examples of how blockchain might work in real life.
- PRM –This is a blockchain-centred partner relationship management channel of the future. This channel will allow the organisation to share all the data that brands keep about potential partners so that all sides have a copy of the information and understand how success is measured and the benefits earned.
- Manufacturing – All organisations might develop a blockchain of all essential stakeholders in their value chain. This includes the identities of individuals who will be included or part of the ledger. These set of identities will be able to read and modify the company’s production schedule. All other processes such as activities related to production scheduling, granular access control and policies will be held off-blocking.