Blockchain under the Pandemic Situation
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Kwong added, "Compared to a traditional database system, the Blockchain approach makes the data and transactional record very robust against tampering. Once a student or faculty submits the health information, it cannot be tampered with. This is crucial for management during health crisis."
Additionally,
Blockchain offers Tremendous Benefits
Aside from rapid deployment, Blockchain offers four key benefits to supply chains: Extremely high transparency, security, efficiency, and trust. Many people think of a Blockchain as a database but it's more of a ledger. The data is enclosed in the ledger but the secure ledger is the crucial new technology.
Besides supply chain, medical and insurance claims are also benefitting from Blockchain. "Insurance processes often involve a lot of documentation from multiple parties, and with medical insurance it even involves doctors and hospitals. Blockchain not only accelerates the whole transaction process, from insurance purchase to claims, but also removes face-to-face contacts, and physical paperwork. This eliminates a lot of infection risk. It also makes transactions traceable and authenticated. The whole process is much faster, more efficient, safer, and robust, even conducted from just a mobile phone," Kwong explained.
In addition to the COVID-19 use-cases, Blockchain applications have also been rolling out in various industries. For example, in retail, Blockchains are helping with customer loyalty programs.
Other Uses Cases
Most airline loyalty programs have a single data source, with numerous members and transactions. This loyalty program involves multiple airlines, and the customers of those airlines, all with different promotions and policies. So it's a very complicated program with many stakeholders and transactions. Blockchain brings incredible efficiency and security to such a system, solving many problems and simplifying the whole workflow, in addition to providing very strong security against hackers and transaction fraud.
Kwong added, "Interestingly, traditional unused loyalty credits are recorded on the issuing platform's balance sheet as a financial liability and deferred revenue. But under the Blockchain mechanism, they are not recorded, and are considered shared liability across multiple parties. So there are business advantages other than technological aspects."
In recent years, Blockchain technology has undergone a lot of standardization, and now there are ready-to-use APIs and programming libraries, modules, and even applications, that can be quickly purposed for specific business needs. "So I would say it's easier than ever to implement Blockchain applications," said Kwong.
Enterprises generally can build their operations on Blockchain over existing systems such as ERP, CRM, e-commerce, customer service, technical support, finance, office applications, leave applications, payroll. All these can be built upon a General Purpose Blockchain API platform, using the same generic libraries to start quickly keeping track of data transactions.
Key Things to Consider when Implementing Blockchain
While a company is considering implementing Blockchain technology, the first thing to consider will be, who is going to do the design and implementation? "Traditionally, you would find a system integrator to do this. Or you might develop it in-house. But do your existing staff, or your chosen system integrator, have the necessary skills?" Kwong questioned.
"You also need to consider what additional value your new Blockchain application can create. We already talked about a better balance sheet regarding loyalty programs, and visibility into Accounts Receivables. But do you have existing policies, or stakeholders, that are restricting the possibilities of your new Blockchain system? Perhaps those policies are obsolete, designed for less secure, slower, inefficient systems?"
Privacy is another thing to consider, especially when data cannot be altered or deleted. Companies should make sure they have the right procedures to ensure data put into the Blockchain system is what they want.
"You also need to think about the infrastructure to support the new Blockchain application," Kwong emphasized. "The system will be distributed across many nodes, so you must be mindful of network latency. Also consider network stability and security, system and data loading capacity, and especially technical loopholes when programming Smart Contracts. Additionally, decide how you will monitor the ongoing process and make fixes or improvements over the coming weeks, months, years. Do you have the right technical skills to do so, and how will you get feedback and consensus among distributed stakeholders?"
How CITIC Telecom CPC helps with Blockchain Deployment
CITIC Telecom CPC has been supporting its customers' Blockchain deployments with its flagship portfolio of cloud computing, enterprise networking, security and data warehousing solutions. "Our SmartCLOUD computing platform obviously can run Blockchain and Smart Contracts processes, and our other solutions help ensure high performance and reliability. In fact, our TrustCSI managed security service helps protect Blockchain applications. Don't forget, access to the Blockchain must be secure. While the Blockchain itself is tamper-proof, anyone with access can add unauthorized data to the Blockchain, which is irrevocable. That can be a nuisance, or a major privacy and confidentiality problem. We have sophisticated security mechanisms to help prevent that," Kwong said.
The future of Blockchain is clear. There is a lot of activity going on to standardize Blockchain in the legal and regulatory fields. Eventually Blockchain will become a very widely used ICT foundation for many areas of society.
About CITIC Telecom CPC
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