The value of Big Data. In today’s digital era, business success is increasingly tied to extracting value from data. With data being the new currency fueling digital transformation, exploiting its untapped potential is now a critical pathway to success for all organizations, in all sectors: data is the foundation for fostering growth and innovation.
However, many businesses in Ireland face some fundamental obstacles in harnessing the power of data, many of which relate to the nature of the data itself. Big Data appears to be restricted by access, authenticity and, above all, monetization challenges.
Although our data has significant worth, organizations can have issues unlocking that value because they don’t have ownership of it.
Innovative technologies are helping to overcome barriers to succeeding in digital business, and it is difficult to find a technology with more ramifications for Big Data than blockchain.
Dell EMC Forum. Photo Chris Bellew /Fennell Photography Copyright 2017
Utilizing blockchain
For Dell EMC, blockchain opens up a world of opportunity in relation to Big Data. Sharing data through blockchain technology can not only help in unlocking new enterprise value for organizations, but it can also address three of its unresolved challenges: controlling data, ensuring data credibility, and building universal exchanges.
The greatest value blockchain brings isn’t in what it is, but what it enables.
Through decentralization, blockchain enables the equitable access to data for all parties involved in a transaction, leading to quicker data acquisition, quality, sharing, governance, and ultimately analytics. Blockchain’s digital transaction register removes the need for data integration from all systems, at all points, putting the power of data back in the hands of customers and organizations.
Fostering digital transformation and disruption
In leveraging data to the full through the adoption of blockchain technology, entrepreneurs and industry leaders are creating new business models, modernizing business processes, and transforming existing business operations to outperform their competition. And the results have been impressive.
Businesses have witnessed better collaboration for data exchange that have accelerated the development of smart cities and is transforming mainstay industries such as healthcare and financial services.
Digitizing health records on blockchain, for example, provides patients and care providers with secure access to medical data. In using blockchain technology in the agriculture sector, a trustworthy traceability system is fostered from the farmer to the consumer.
But this transformation has not always been seamless. New blockchain-enabled start-ups are causing significant disruption in the financial services sector by giving customers access to cryptocurrencies and reducing the number of intermediaries involved in payment transaction processes. This has led a to significant reduction in transaction costs, faster transfers, and enhanced transparency for all those involved in the payment chain.
Banks and insurance companies are now responding to this change and understand the need to become disruptors, rather than be disrupted. CIOs across the banking sector are increasingly leveraging blockchain technology to accelerate IT transformation. Recent reports suggest that by doing so, eight of the world’s largest investment banks could, on average, make savings of up to 30%.
Transformation partner
For organizations throughout Ireland, in and beyond the financial services sector, Dell EMC is dedicated to unlocking the growing value of data.
We’ve developed a set of services which help organisations to determine when and where blockchain can add most value to their business, from identifying opportunities for its use in application development, to creating a modern IT infrastructure that supports its adoption.
With the added business value of blockchain due to reach €2.5 trillion by 2030, a new dawn with immense possibility is on the horizon.
