What is Blockchain?

Blockchain is a database technology that is used to store transactional data. It is entirely based on the digital form which is why the concept of blockchain is often hard for individuals to wrap their heads around it. It becomes a sort of growing chain of transaction records that are linked together using cryptography. It can also be described as a system for public record-keeping, transactional interactions are verified then added to the record. Originally this system was meant to be used as a way to address issues that traditional banking had in financial transactions, such as eliminating intermediaries and giving individuals autonomy through a public ledger with more transparency. This ledger doesn’t only serve the purpose of dealing with monetary transactions but exchanges of data, agreements, or even automating repetitive processes. It is an additional system that will allow for more transparency in supply chain management. This blockchain ledger is not centralized but rather a decentralized network, therefore making it incorruptible and a superior solution. These blocks of information form a sequence or chain, hence the name blockchain. It has begun a sort of blockchain revolution when it comes to matters of ledger technology and public blockchains.

What does Blockchain do exactly?

Now from transactional records to incorruptible data, the blockchain platform can deal with data, monetary transactions as well as agreements, its main purpose is to eliminate tampering of records. To be more specific the application of blockchain technology and its features include:

1. Decentralization

One of the benefits of blockchain technology is that the platform is decentralized. Data availability is decentralized allowing for faster performance with low-cost computing. Data on the internet is spread very quickly, even the maps of where data is stored are also decentralized. There are also gains from improved security because data is spread among several network members versus being housed with a single party.

2. Distributed Ledger

As mentioned previously, with a distributed ledger businesses gain from transparency. It allows for activities and information to be shared between parties. Each computer or individual with access has a copy of the record, and all copies are updated and validated at the same time, ensuring transparency.

3. Unalterable Records

Blockchain technology has the potential to enhance supply chains and making them more transparent. In the case of ensuring food safety, this technology would allow better tracking of foods and what they come into contact with because the information cannot be altered. Blocks cannot be changed unless there is a consensus. Transparency in tracking becomes a method of easily identifying unsafe goods to protect consumers.

Blockchain is even used in larger retailers such as Walmart and LVMH, luxury fashion retailer uses blockchain tech as a way to ensure the authenticity of their products.

How does this relate to NetSuite ERP?

Oracle NetSuite has announced the release of Oracle Blockchain Cloud. NetSuite’s compatibility with blockchain technology optimizes their current solutions for businesses that have an interest in integrating blockchain but wish to remain NetSuite ERP users.

NetSuite’s easy integration capabilities make it more than easy to work with blockchain. Their customers have been exposed to SuiteCloud Developer Network (SDN), which is comprised of more than 40,000 global organizations and is more than capable to develop blockchain applications that can be tailored to NetSuite customer’s specific business needs and create a record of transactions. The goal is to have a NetSuite compatible solution that can easily integrate systems already in place. With the new blockchain offering, the custom solution will offer ease of onboarding, as well as educating customers on adopting the technology.

NetSuite customers who choose to leverage the new Oracle Blockchain Cloud Service can integrate and experience a wide variety of solutions developed by Oracle partners specifically tailored to support businesses of any size. Additionally, NetSuite SDN partners will also be able to create blockchain applications to meet the needs of NetSuite customers. With this integration, many businesses gain from the innovative digital ledger that will enable new applications from Oracle’s cloud. The Oracle Blockchain Cloud Service is evident of new investments of upcoming technologies that are brought to the NetSuite user base.

When it comes to digital transformation, blockchain will be at the forefront in the years to come. It is a technology that changes the way we engage with other business entities in terms of transactional functions. Blockchain introduces a unique method of tracking business processes that isn’t seen much but is causing business leaders to turn their heads. Blockchain networks will see tremendous growth and adoption within years due to their ability to aid different industries, not just the financial sector.