Blockchain technology is a game-changer for various industries, from finance to supply chain operations. Its unique features make it a powerful tool for data sharing and management. As it evolves, more companies leverage its power in business intelligence (BI) applications.
With the capabilities of blockchain to create secure and tamper-proof data repositories, BI applications requiring sensitive data access, like customer or financial data, can be more efficient. Likewise, you can use blockchain to automate data collection and processing tasks.
The infographic below provides a more detailed overview of the rise of blockchain in business and insight into the key benefits the technology can offer BI teams.
What is business intelligence?
Business intelligence (BI) refers to data collection, analysis and interpretation to gain insights that can inform decisions for your organisation. BI also enables the application of tools and techniques to study different types of information—customer, sales, financial and operational data.
Given the comprehensive processes involved in BI, blockchain technology offers a more secure and streamlined way to analyse data. It allows for tamper-proof data storage and sharing, which is ideal for BI applications requiring sensitive data access while preserving its integrity.
Another worthwhile use of blockchain in BI is that it helps you communicate with other businesses and conduct one-to-one transactions easily by eliminating the need for intermediaries. This benefit ensures you can track real-time transactions and scale your operations accordingly.
Timeline of the rise of blockchain in business intelligence
Corporate interest in blockchain is not new. Since its introduction to the mainstream, blockchain has been helping many organisations make data-driven decisions and optimise operations.
Smart contracts execution via the original Bitcoin
Smart contracts were part of the original 2009 Bitcoin protocol. However, Bitcoin (BTC) developers deactivated this feature. The functionality only returned upon the creation of the BSV blockchain (BSV) that reenabled OP_RETURN with the Genesis upgrade.
Compared to other systems, where implementation must be immediate, BSV’s stable protocol allows smart contract execution at any time in the future. This step transformed blockchain’s potential for business applications.
Introduction of enterprise blockchain platforms
Major technology companies introduced enterprise-grade blockchain platforms, making the technology more accessible for businesses. For instance, IBM initially leveraged blockchain to power the Internet of Things (IoT).
It soon launched its enterprise blockchain solution aimed at helping large businesses join existing blockchains or create new platforms.
Meanwhile, Microsoft entered the blockchain space through Azure Blockchain Service, an Azure cloud computing service branch. It offers prebuilt networks and software to help users create their networks and applications. Notable companies such as Starbucks and GE Aviation are adopters of the service that tracks their products in transit and records their details.
Supply chain management exploration of blockchain
Blockchain started gaining significant traction in supply chain management in the following years. In 2016, retail giant Walmart partnered with IBM to create a food traceability system based on Linux Foundation’s Hyperledger Fabric.
Walmart also worked with JD, IBM and Tsinghua University in Beijing to build a blockchain ledger tracking the movement of pork in its Chinese supply chain.
Blockchain integration with BI tools
By 2020, many businesses and industries have started integrating blockchain. At the time, 39% of companies worldwide utilised blockchain in production. Meanwhile, another 55% viewed blockchain as a top strategic priority and 82% began or planned to hire blockchain experts.
Companies can extract valuable insights that facilitate data-driven decision-making using blockchain-based business intelligence tools. Blockchain BI can analyse and visualise data from various sources for a holistic view of business operations.
Continuous significant growth and use of Blockchain in BI
Blockchain remains valuable in today’s fast-paced business world. In fact, some of the world’s top companies use the technology to research blockchain applications and kickstart projects in the pilot or development stages.
Business organisations also leverage blockchain to implement live in-production services for employees, partners and clients.
6 blockchain business intelligence applications
Blockchain can help you collect, analyse and share data more securely and efficiently. Here are some ways you can apply the technology in daily operations.
1. Ensure effective global supply chain management utilizing blockchain’s features
Blockchain revolutionises the tracking and transparency of goods. It helps you monitor the location and status of products, record transactions and check environmental conditions such as temperature and humidity for perishables.
Additionally, it can assist in identifying inefficiencies, delays or discrepancies. As a result, you can make better and quicker business decisions and optimise your supply chain for cost efficiency and reliability.
2. Conduct Worldwide B2B transactions with blockchain BI tools
Blockchain-based BI tools can provide real-time analytics on transaction volumes, patterns and performance to assess the reliability and compliance among partners or suppliers. Apart from that, it’s possible to automate data analysis, identify trends and make strategic decisions based on transactional data insights.
These efficiencies allow you to enhance your B2B operations and maintain strategic partnerships.
3. Execute instantaneous smart contracts development with the help of blockchain
Money transfers usually take days to process, causing delays in business transactions. With blockchain-based BI tools, you can code smart contracts and instantly execute agreements with your partners and customers. You can then eliminate intermediaries in various business processes.
4. Make investments and secure capital through blockchain
Companies traditionally seek capital through initial public offerings (IPOs) and crowdfunding. However, they often entail regulatory complexities, limited accessibility for investors, substantial paperwork and go-betweens and administrative costs.
Blockchain streamlines investment processes, particularly through initial coin offerings (ICOs). The lack of a regulating body makes the ICO investment method a more efficient and inclusive way to raise funds for your ventures.
5. Quality assurance processes made easy by blockchain’s transparent data delivery
Today’s customers continually seek greater value for their money, so prioritising the quality of your products and services is paramount. Blockchain is a game-changer in this department because it facilitates robust quality assurance.
The technology provides immutable and transparent data records related to products and processes. It can also empower you to maintain consistent and high-quality standards, instilling trust and accountability among consumers and stakeholders.
6. Secure public records management with blockchain’s immutable ledger
Organising public records remains challenging today, with conventional technologies still susceptible to hacking and data breaches.
Fortunately, blockchain offers a secure solution for public records management through its immutable ledger, assisting you in protecting sensitive information from unauthorised access and manipulation.
In addition, it provides real-time insights into record updates and access patterns, allowing you to verify public records easily. This application is particularly beneficial for reducing fraud and streamlining administrative processes.
Use cases of blockchain in business
Blockchain is available in many sectors and industries worldwide, helping businesses optimise their supply chains and ensure transparency across operations. Here are use cases of blockchain in business you can take inspiration from.
1. Regulate wine industry processes using blockchain
Climate variability, pests, regulatory compliance and quality assurance often hamper the wine industry. Fortunately, blockchain-based BI tools allow you to collect real-time data for precise vineyard management decisions. With this information, you can optimise your irrigation system, manage canopies and predict optimal harvest times.
2. Access real-time information via blockchain to help in construction projects
The construction industry often struggles with transparency and accountability, leading to project delays or cancellations. Blockchain can resolve these problems through its distributed and immutability features.
The features enable real-time data access and tracking for all construction project stakeholders, fostering transparency and accountability while minimising disputes. In addition, blockchain maintains a public ledger that protects transactions from tampering and manipulation. Consequently, it can mitigate the risk of fraud and corruption within the construction industry.
3. eCommerce improvements with blockchain
With 2.64 billion digital buyers worldwide, enhancing ecommerce operations to increase customer satisfaction is more critical than ever. Blockchain supports your customer service efforts to track purchases, assign rewards and interact with your brand’s community. As a result, you can build customer trust and boost their loyalty.
Blockchain technology can also help avoid fraud, protect customer data and personalise loyalty programmes based on customer preferences.
4. Maintain data integrity and patient privacy with blockchain in healthcare
Efficient healthcare services have become more crucial following the COVID-19 pandemic. Fortunately, blockchain offers this very solution. It can support the development of universal electronic health record systems that provide access to comprehensive patient records and enhance data sharing for research purposes.
Such a system can ensure privacy and data integrity, leading to better healthcare decision-making and service quality.
5. Oversee supply chain management through blockchain features
Blockchain’s impact on supply chain management is profound. It provides end-to-end visibility across supply chains and prevents fraud, counterfeiting and inefficiencies. As such, you can quickly pinpoint the exact location of goods, monitor temperature-sensitive shipments and streamline customs processes.
Even more impressive is the ability to share a single source of truth with other manufacturers, logistics providers and retailers—improving efficiency and trust throughout the supply chain.
Make better business decisions with blockchain
One thing is clear: Blockchain for business intelligence is here to stay, as its transformative potential knows no bounds. The fusion of blockchain and business intelligence is not just a trend but a revolution in managing and harnessing data.
As you look to the future, consider diving into the possibilities of this dynamic innovation and setting the stage for a data-driven tomorrow.
With its stability and smart contract capabilities, the BSV blockchain is a robust infrastructure for a data-based economy. Download our ebook to explore the use of blockchain in business intelligence.
