Where and How Blockchain can be a better option than the traditional centralized systems? — A straightforward answer for a very common question by Andre Boaventura

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After having written this article explaining a variety of consensus mechanisms for Blockchain available today, I have received hundreds of comments and positive feedback from those were struggling to understand what makes cryptocurrencies and blockchain securely working in a decentralized way, after having reading my article and thus have clearly understood the foundation supporting Blockchain implementations (thanks for all my readers by the way).

However, there are others that are still struggling to understand the benefits of a blockchain vs a traditional model based system, and where blockchain can be really a “breakthrough” when compared to what can be done and achieved by leveraging a centralized system model.

Among dozens of mails I have received regarding the same sort of questions, that is, where Blockchain can be better than those traditional systems that we have been using for decades, I have decided to share one of my answers to one of these colleagues, since I have noticed that this could benefit others that eventually could be questioning themselves about the same topic.

The Question

So, here is a sample question related to this concern mentioned above that I received from a colleague from the UK.

Hi Andre

I’ve read your comprehensive article and thanks for it being most useful and informative. I confess I may need to read it a second time to get a proper understanding of the intricate details and the “Proof of . . .” mechanisms and their pros and cons, but I think I understand the principle of Consensus Mechanisms.

My fundamental question (and the reason for this reply to you) is “what are the real-world applications of a blockchain, and (playing devil’s advocate, if you’ll forgive me, why is it any more than an interesting computer science project?”.

I can easily see its application to virtual currencies like Bitcoin (whose critics would decry it as no more than a baseless speculation mechanism), but I’m struggling to imagine real-world examples of why I’d need a blockchain, or why it’s better, in some way or other, than what already exists. Read the complete article here.

 

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Demystifying Blockchain and Consensus Mechanisms – Everything You Wanted to Know But Were Never Told by: Andre Boaventura

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It is likely that you’ve heard at least one description of what blockchain is, and that description probably had something to do with money due to many popular technologies such as Bitcoin, Ethereum, Ripple and many others currently available in the cryptocurrency marketplace. Blockchain has received a lot of attention for its “distributed ledger” technology, which is the basis for buying or selling cryptocurrencies and other assets through private markets. However, Blockchain technology has broader applications than cryptocurrencies. Today, blockchain is being already adopted as part of many everyday business-to-business transactions, including those powered by enterprise applications such as ERP, Supply Chain, Financial Services, etc.

The Blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

By definition, Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Read the complete article here.

 

For more information please see the Blockchain partner resource kit here.

 

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IDC: The Emergence of Blockchain

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Securely extend your business applications and processes while accelerating transactions across your entire ecosystem with the power of blockchain.

  • Understand the barriers to blockchain adoption and how to overcome them
  • Learn how blockchain can integrate with the rest of your technology stack
  • Realize the benefits a blockchain solution can have for your company
  • Get the paper here.

For more information please see the Blockchain partner resource kit here.

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Why there’s no innovation without integration by Barry O’Reilly & Joost Volker

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Innovation isn’t just about creating entirely new apps and services. It happens when organisations have the freedom to look beyond the constraints of new and old services, and use technology to connect and extend them together.

Every business that wants to succeed needs to innovate. For some, that’s going to mean creating new applications and services from the ground up, but innovation isn’t just about the “net new”—it’s as much about what you connect as it is about what you create.

Few companies can execute the same green-field approach to innovation used by start-ups, nor would they want to. Instead, true innovation for most organisations is about the way you connect the old with the new—extending and enhancing the existing brand. 

Modern tools and capabilities can help you connect existing investments to new services to deliver rapid innovation that helps you make use of both old and new applications, while generating greater value from both.

The different kinds of change

It’s easy to think of innovation as an entirely customer-facing concept. Some of the best-known examples of modern innovation are incredibly customer-focussed, from hyper-convenient new consumer experiences such as those delivered by Amazon Go, to the customer-focused UI experience built into Tesla cars that uses apps and APIs to connect drivers to the outside world.

The most powerful and transformational innovations are not mere gimmicks. They bring the strength and power of an organization to a new channel, to a new service offering, or to a new engagement platform. The approach and engagement with customers is new and innovative, but the existing strength and reliability of the brand is maintained through innovation. This is how established businesses are outmanoeuvring their start-up competitors.

By leveraging new integration tools, established businesses can create new integration points between existing investments to improve efficiency, reduce waste – and ultimately build innovation into both internal and external processes and channels while continuing to drive value from existing investments.

Enabling Innovation

In today’s fast paced market, every company, large or small, understands that innovation is a top priority. Across all industries and companies of all sizes, we are witnessing the adoption of start-up type models and approaches to innovate rapidly and innovate at low-cost. Just like start-ups every company needs to try new things. Many may not work but those that do could be revolutionary. Read the complete article here.

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IoT the business of everywhere

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May/June 2018 issue of Oracle Magazine is focused on coverage of the Internet of Things. This issue’s cover story looks at IoT’s evolution from emerging technology to business opportunity. Customers of Oracle Internet of Things, Oracle Service Cloud, and Oracle Marketing Cloud describe their IoT experiences and the value it’s delivering to their companies.

The Business of Everywhere

How data from myriad IoT devices is driving unprecedented innovation at Vinci Facilities & Concentrix

Building Business from Data

The data from IoT devices creates new business opportunities

 

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User Experience Updates

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NEW WEBSITE: As Oracle prepares to make a large investment in user experience design, we’ve launched a new microsite (design.oracle.com) aimed at recruiting designers.

EMERGING TECH NEWS: In a new post, leader of The AppsLab Jake Kuramoto looks at emerging tech research projects his team has been working on and how they might affect the way we do our jobs.

ORACLE HCM CLOUD: Hear Chris Leone, senior vice president of Applications Development, talk about the latest release of Oracle HCM Cloud in this webcast on Customer Connect, which requires a Customer Connect account. He highlights the next generation of user experience (UX) design, how Oracle HCM Cloud is keeping things fresh, and focuses on Oracle’s investments in UX. You’ll see examples of the newsfeed layout and mobile-responsive tasks.

OUR RESEARCH CONTINUES: Do you use an HCM application for self-service tasks? Oracle is looking for employees and line managers of various business units to provide feedback on new Oracle HCM Cloud designs. Sign up for a remote session today.

ORACLE ERP CLOUD: We love this piece by Steve Cox, group vice president, Cloud Business Group, who writes about Oracle ERP Cloud and how it stacks up to Workday in this post on The Oracle Blog. He shares our vision of how emerging technology could influence the way we go through our day, balancing personal and work lives. Read his post to see the “Going Through Your Day” video.

 

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Building a Practical Blockchain by Robert van Mölken

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Watch the video here.

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Blockchain Simplifies International Money Transfers

imageAn emerging solution’s promise and potential for fintech By Vivek Alwayn

Anyone who has transferred money internationally between banks knows that the process often takes too long and costs too much. Now, with the advent of blockchain technology, transferring money should become simpler and faster for customers while also generating more revenue for the banks.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global cooperative that provides secure financial messaging services, is currently working on a blockchain-based global payment initiative that will provide secure, end-to-end tracking for global financial transfers.

At this point, 30 banks are live on the blockchain platform, and SWIFT plans to eventually connect more than 11,000 licensed banks, financial institutions, and corporations across more than 200 countries. SWIFT says the platform will also enable future real-time regulatory compliance reporting to central banks and law enforcement agencies worldwide.

The SWIFT platform is built on a cloud-based Hyperledger Fabric, which allows each member bank to have a cloud-based peer node that interfaces with the SWIFT central node. The central node provides transactional consensus between the two banks conducting the transfer. Read the complete article here.

 

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Podcast: Blockchain: Beyond Bitcoin By: Bob Rhubart

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Blockchain originally gained attention thanks to its connection to Bitcoin. But blockchain has emerged from under the crypto-currency’s shadow to become a powerful trend in enterprise IT — and something that should be on every developer’s radar.  For this program we’ve assembled a panel of blockchain experts to discuss the technology’s impact, examine some use cases, and offer suggestions for developers who want to learn more in order to take advantage of the opportunities blockchain represents. Listen to the podcast here.  For more information please see the Blockchain partner resource kit here

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See Latest Customer Videos showing SaaS Modernization and Transformation with PaaS

 

According to a recent Gartner study, at least 42% of companies are engaged in C-Level transformation efforts – and the percentage is growing fast! Get the latest customer and partner testimonial videos your customers are looking for to help them take their best next step in their transformation journey with Oracle.

image· Learn how innovative Financial Services firm, AFG is driving to their vision of a frictionless customer experience for home loan applicants

· Find out how National Pharmacies has accelerated their delivery by up to 5X with “conversational governance” for retail and home health best practices

· See Rubicon Red’s CFO talk about their Sustainability Award win and the practical path to “conversational governance” with API-first design

· Get the inside story on how pre-built connectors for Netsuite helped Mythics close their biggest year ever with their inquiry to order digital app

· Hear how UiPath is working with Oracle Integration Cloud’s Process Automation to deliver immediate productivity gains from RPA 

All of these – with more coming soon – available for you on Sales Central here. Not yet on Sales Central? No worries, here’s how

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