Whether your organization supports its knowledge management processes with the IT Infrastructure Library (ITIL) framework or another strategy, it must have a means of efficiently organizing, protecting and sharing its data. 

While your existing solution may be meeting your organization’s needs, you can further enhance your knowledge management capabilities by integrating blockchain technologies into your IT infrastructure. Blockchain management solutions provide distinct benefits over traditional data management methods, making the emerging technology ideal for safeguarding your confidential business data. 

That said, let’s further explore blockchain-based technology, including how it works and the industries that can benefit from incorporating it into their knowledge management workflows.

The Basics of Blockchain

While the term “blockchain” has become synonymous with the cryptocurrency industry, it generally refers to any decentralized distributed database. 

In other words, a blockchain is a digital ledger that can store immutable records and provide access to those records over a distributed network. Blockchain records are unchangeable because each previous block is linked to newly created ones. These blocks contain signature values that indicate who created the records and when they were submitted.

Authorized users can read or add to transaction records on the blockchain, and when new records are submitted to any node of the chain, they are validated against the records on others. If verified, they are then committed to the ledger. 

Some general blockchain use cases include:

• Data replication
• Transaction immutability
• Disintermediation
• Transaction and data verification
• Traceability

A blockchain facilitates the performance of these tasks using its unique ecosystem. This ecosystem comprises a network of nodes, including backend components, a chained database, smart contracts, a web API, and client applications.  

How Does Blockchain Management Work?

Blockchain management is the process of managing and documenting business transactions via a blockchain ecosystem. Two or more entities can facilitate interactions using a blockchain instead of traditional knowledge management frameworks. 

Thanks to distributed ledger technology, a blockchain enables multiple authorized participants to access the same data simultaneously, eliminating friction points for business transactions and promoting operational efficiency.

Benefits of Blockchain Management

Blockchain management provides four distinct benefits.

Immutability

Blockchain-based technology is exceptionally scalable, as a virtually limitless number of blocks can be added to a chain to document new transactions. However, while blocks can be added, they cannot be removed, which makes a blockchain record immutable. Together, old blocks create a permanent record of past transactions, which promotes trust between stakeholders.

Security

Only permitted users and clients can submit blocks to the chain or access its existing blocks of data. This feature provides blockchain owners with superior access control that they can use to protect the integrity of the chain.

Replication

Once existing nodes approve a record of an event, that record is automatically added to all ledgers and can be viewed by every authorized participant. A blockchain’s replication capabilities ensure that all stakeholders share a single source of truth that details every transaction. 

Consensus

Before ledgers are updated, new submissions are checked and validated by all participants involved in the transaction. If participants cannot reach a consensus about a transaction, it will not be added to the chain.

Which Industries Can Benefit from Blockchain Knowledge Management?

The transparency and traceability benefits of blockchain management protocols make the technology appealing to various industries. Some sectors that can streamline operations and promote security with blockchain include the following:

While the specific ways these organizations will use blockchain management solutions are bound to vary, all these sectors appreciate the security, scalability, and agility that the technology provides.

Enhance Your Knowledge Management Capabilities with Blockchain

Implementing a blockchain management solution into your ITIL framework can further enhance security, agility, and transparency. Additionally, a blockchain is an excellent tool for promoting trust among stakeholders and strengthening the bonds between your organization and its strategic partners. 

Blockchain is particularly useful for closely regulated industries, such as the food and beverage space, as manufacturers, suppliers, distributors, and retailers can leverage blockchain technologies to optimize their transparency and sustainability efforts. If you operate in this tightly monitored sector, you can use blockchain management solutions to support your governance and compliance efforts.

We invite you to connect with Farm to Plate to learn more about blockchain technology and see use cases specific to your business. Our visionary team is reshaping how the food and beverage industry operates through our dynamic platform. Contact us to accelerate your blockchain management journey.

Pramod Sajja, CEO & President at Paramount Software Solutions (farmtoplate.io).