Blockchain technology is used to protect critical data in enterprise systems, monitor compliance with contract and fulfillment of obligations under the contract, and regulate business relations without involving any intermediaries or trusted third parties. Blockchain ensures independent verification of any information to protect business processes from both errors and fraudulent activities.
Basically, Blockchain creates distributed databases, with their full copies kept by participants of a transaction or any other process for data verification purposes. In such system, no participant can change the information, because any change will be detected once a copy is compared with other copies. In such system, no participant can change the information, because any change will be detected once a copy is compared with other copies.
Benefits of Blockchain solutions:
- Data comparison and simple structure of error control mechanism guarantees integrity and consistency of data held by distributed network participants.
- Decentralized data storage with no single point of failure improves data storage and processing reliability and ensures information recovery even in the event of a large-scale failure.
- Unauthorized modifications of data is never possible, so the risks of fraud and data modification are dramatically reduced.
- No need for trusted third parties saves time and money on managing agreements and document exchange with counterparties.
- Smart contracts contain agreement performance logic to ensure automatic/semi-automatic monitoring of obligation fulfillment, especially, in combination with Internet of Things (IoT) technologies.
- Blockchain technology significantly facilitates keeping of distributed registers of property rights, tangible assets, and liabilities, supply chain tracking and implementation of processes that use information received from sensors and equipment.
- Enable new business models with a preassembled blockchain platform
- Rapidly onboard network participants with an enterprise-grade blockchain
- Improve transparency across your IT ecosystem with plug-and-play integrations
ACCELERATE BUSINESS GROWTH
- Drive new business through plug-and-play integrations
- Speed-up existing business processes with NGN’s integration accelerators for SaaS and applications
REDUCE COST AND RISK
- Reduce the delays and expense of manual processes with NGN’s secure, enterprise-grade blockchain platform
- Reduce risk from a single point of failure and insider attacks with hybrid blockchain deployments
- Reduce errors with NGN’s process and integration tools
Using Blockchain in enterprise solutions
Integrated information exchange environment: Blockchain can be used to create networks for reliable communication between partners with no need for centralized control. Such solutions are fast, resilient to DDoS attacks and ensure continuous data access control and availability of all information for real-time verification, including monitoring of the observance of state and industry standards. Therefore, users can instantly and easily access highly reliable data.
e-commerce sites: Blockchain helps manufacturers, transportation companies and retailers directly interact within a unified information environment. It uses a built-in mechanism, which automatically verifies the observance of copyrights and availability of necessary licenses, certificates, and so on, with smart contracts monitoring agreement performance at every link of a supply chain and providing controllers with all necessary reports.
Platforms for finance: Distributed ledgers are used to create large-scale solutions for real-time monitoring of goods, cash flows, service delivery and generation of any necessary transaction documents. Moreover, reliable authentication systems control access, prevent fraud as well as information and personal data leaks, and thus reduce organization's operational risks. If necessary, secure access can be provided to any parties, including public authorities, industry regulatory bodies, third-party contractors and end consumers.
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