Use Cases of Blockchain Technology for Innovative ERP Solutions
According to a DOMO’s report, 2.5 quintillion bytes of data are created every day, and with the advent of IoT devices, the amount of data generated is expected to increase by leaps and bounds in the coming years. With this amount of data, enterprises are looking for solutions that can provide a high degree of transparency and security. Enterprise Resource planning generates a lot of real-time internal data and blockchain technology can be an ideal ally to store the data securely.
The blockchain is a decentralized technology which provides a shared data ledger for the entire network. Blockchain technology provides a transparent process where the users in the network can view the transaction in real time. Many companies across industries have started leveraging blockchain for its transparent and secure features. According to a recent Oracle report on technology trends, blockchain is one of the most sought-after technologies which is set to transform supply chain, reporting and many other aspects of an organization’s workforce. Initially built for financial tasks, blockchain technology has been able to eliminate manual tasks and many untoward errors by automating transaction processing.
Blockchain technology provides a secure, immutable, and transparent record of a transaction in the network, which helps to streamline the inefficient processes found in the Enterprise Resource Planning (ERP) environment. The Blockchain approach can help to save time, reduce risk, and lower cost for all the parties involved in the business process across the given network. To take advantage of the open network that blockchain provides, IBM is working to integrate its blockchain solutions with Oracle ERP cloud. IBM’s blockchain for ERP solutions is designed around the company’s network of suppliers and a digital ledger that can be accessed and used by all the parties in the network.
Blockchain technology allows companies to store various types of data on the same data ledger like specifications and history of iterations. It also stores the information about the exact machine that made a product, which makes it an ideal technology for manufacturing. SAP has been investing in blockchain applications for ERP, and it is also experimenting to use blockchain in operational threads, 3D printing, and digital manufacturing.
According to estimation by Oracle, 40 percent of industry leaders have already started using blockchain, and it is set to revolutionize workforce in the 21st century. Regulators can even make it compulsory for industries like finance to adopt blockchain technology for its secure and transparent features.