When we talk about blockchain, cryptocurrencies are often the first thing that comes to mind. However, the potential of this technology extends far beyond them. We therefore need to start seeing blockchain as a way to store information securely, quickly, and in a decentralized manner.
Based on this understanding, it becomes possible to explore the potential impact of blockchain technology in various areas. This includes optimizing process activities due to the technology's high level of security, with transaction codes making information immutable and thus preventing potential fraud.
Credibility, efficiency, and transparency are mechanisms that are becoming increasingly important for companies. Therefore, having access to technology that makes operations more reliable, helps optimize processes, and reduces costs becomes a major advantage.
Seeing it in practice.
Using blockchain can yield excellent results for an organization. We can observe this in four separate cases:
The Nasdaq case.
Nasdaq is a technology-focused automated stock market in the United States. The company has started maintaining records using Blockchain technology combined with LINQ, a cloud-based management tool that controls and issues shares of a given company.
After implementing the technology, audit costs and bureaucracy were reduced. In addition, there were gains such as more transparent verification and greater inviolability of each company's data.
In aviation.
SITA, together with key partners in the aviation industry, launched the MRO Blockchain Alliance project. The alliance comprises leading organizations in the Maintenance, Repair and Overhaul (MRO) supply chain. The project uses blockchain technology to monitor, track and record aircraft parts and components.
Making it possible to track parts simply and speeding up that tracking process. It's the use of blockchain to enable the secure sharing of information between stakeholders.
From cultivation to the plate.
The Australian company AgriDigital has a success story in using blockchain in grain production. Through this technology, consumers can trace the grain on their table back to its cultivation site, and even verify the presence of high levels of pesticides in the food's origin.
Still within the food sector, in Brazil we have Carrefour, since 2019, in partnership with Safe Trace, using blockchain in all its stores in São Paulo. This makes it possible to track its products and guarantee trust for its customers. Although the technology is not available on all products sold by the brand, those with QR code labels already allow consumers to access specific information about each batch. For example, the name of the breeder, the location of the farm, and the transportation conditions from the processing plants to the Carrefour stores.
Transparency is key to Blockchain.
By using blockchain technology, transparency is inherent in its concept, as the technology allows information to be publicly available, albeit in an encrypted form. Therefore, only those involved in the transactions can access their content.
And what about the relationship with the LGPD (Brazilian General Data Protection Law)?
The Privacy Tools module is available for... Blockchain AuditingIt allows for the storage of sensitive logs, or those that the company wishes to protect. It ensures the immutability of the records, making them reliable and irrefutable evidence.
It allows for the provision of proof of consent, one of the legal bases for processing personal data. If the company decides to use this legal basis, blockchain helps provide irrefutable proof of the consent given.
Want to see how blockchain can help your business? Do the free trial from the Privacy Tools platform!
