Garuda Indonesia Colours Magazine May 2019 - Page 132

Business / Outlook outlook Technology meets business Choosing a blockchain partner Following on from last month's blockchain editorial, Colours Business looks at how a company might choose a blockchain partner. 130 The blockchain is an unhackable storage system of data, or distributed ledger technology (DLT), where the list of who owns what is shared across a distributed network, and each and every transaction is recorded and securely stored. Recorded data can’t be deleted or modified, and there are no third parties in the process; data is exchanged almost instantaneously. Data management at a low cost, with high efficiencies, leading-edge security and a robust history for auditing and compliance, is a natural fit for industries including insurance, medicine, education, supply chain logistics, real estate and finance to name a few, but where to start? There are essentially two types of blockchains: public and permission networks. Public – example: Bitcoin, Ethereum. It’s a large, decentralised network where anyone can participate at any level. No single node on the network has control, and these are the most secure of the networks – once a transaction has been recorded, it’s immutable. As these are anonymous networks, there's no way of creating permissions (setting who controls the group or its actions). Permission – example, Ripple, Hyperledger. These are also referred to as Private, Consortium or Enterprise blockchains. These are set up so specific participants can be invited to control and write data to this type of blockchain, so unlike Public networks, which are anonymous, these networks need to know who you are. Transactions are faster, there’s better scalability,