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8 Ways Enterprises Are Taking Up the Blockchain Challenge Posted on Jun 13 - 2018

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Blockchain is slowly creeping into the enterprise. Outside of cryptocurrency and data storage, blockchain is also tackling several other data-related challenges that have plagued organizations for years, especially since the rise of big data.

One of those challenges is the management of digital assets, according to Stefan Kukman, CEO and founder of Ljubljana, Slovenia-based CargoX. He said,

“The blockchain is sometimes referred to as Web 3.0 because it is a revolutionary piece of technology that allows us to digitalize assets in ways that haven't been possible before. For the first time in the history of the internet it is possible to store digital assets in such a way that they cannot be copied or duplicated without permission, and that their source can always ... be known.”

The blockchain is first and foremost a public (or sometimes private or hybrid) database that is open and decentralized. By open, we mean anyone can read it unconditionally, and anyone can write into it after meeting certain conditions. By decentralized, we mean there is no governing body that can arbitrarily modify the data, nor is there a single point of failure from where the database could be hacked or destroyed.

Data in the blockchain can either be open or encrypted and readable only by those for whom it is intended. This database is guided by rules that determine how the data in the database can be modified. To use the case of cryptocurrencies as an example, sometimes the data consists of the monetary value in possession of each user. The rules would ensure that only the owner of said value may transfer it. 

1. Fraud Detection

Ted Dhanik, is CEO and co-founder at Los Angeles-based engage:BDR, a cross-device advertising solution. He said blockchain is an important tool in fighting ad fraud because it makes transactions more transparent, which helps drive transactional efficiency. Increasing transparency gives organizations insights into where the money is going and if there are third parties involved in the transaction.

One other major issue blockchain helps solve is the issue of “float.” Generally, it takes over 90 days for brands/agencies to pay for an ad buy after impressions run. This is an issue for publishers because they are then forced to account for this lack of funding or borrow money to compensate for the time. Blockchain allows publishers to be paid immediately and, in turn, they can trade the cryptocurrency on multiple different exchanges (advertising for themselves, investing it or trading it in for money). Cutting down on float can help publishers reduce costs and be more efficient. View More

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