Thank you for Subscribing to CIO Applications Weekly Brief
Blockchain and Analytics: Data Empowering Defense Department
Distributed ledger technology (DLT) was created for digital cryptocurrency bitcoin in 2008. It is essentially a mutually trusted storage facility for the transaction of information between multiple users. Blockchain technology is the backbone of bitcoin, and it has far more applications than recognized. The world knows about its applications in finance, healthcare, energy, and other sectors. Now, blockchain technology is being adopted by the military industry.
There are many applications to blockchain technology in the department of defense. Blockchain technology helps to procure support and track the supply chain. Supply chain management in this sector is an extremely complex process and has many logistical challenges. To retain the robustness and reliability of a supply chain system, it has to be easily traceable as well as transparent. The inflexible characteristics of the blockchain ensure that the data cannot be altered without the knowledge and consent of all of the parties involved is a blessing. Thus, it works as an advantage for the defense services as they can audit and track all of the previous transactions across different operational partners and supply chains. This makes tracking simple and easy and saves a lot of time in the process, making the whole system more efficient. Bitcoin technology removes and reduces frauds and mistakes within any defense contract and improves the accuracy within a supply chain system. They are thereby building trust between the consumer and the supplier.
The department of defense deals with hacking threats and data manipulation by hiring skilled security personnel and expensive data protective systems. Blockchain technology characteristics provide a safer platform for carrying out the transaction and communicating globally thereby eliminating the need for costly infrastructures and others for managing security.
The information inside blockchain is visible throughout, once secured, it is stored in a block, sealed, verified, and put away. This is extremely useful during the manufacturing process, where different components are recorded at different stages of installation and production.
With the help of DLT, DoD makes better decisions confidently as it ensures authenticity, integrity, and reduced risk of errors. Blockchain technology makes the system immune to both physical and cyber attacks. With the attack on one data center, the remaining decentralized network remains unaffected and operates on a dispersed network.
The blockchain technology appears to be the ideal match with the defense sector. Blockchain technology is the next best event that will take the world by surprise and revolutionize the defense industry.
Check out: Top Blockchain Companies.