BLOCKCHAIN SOLUTIONS

What is blockchain technology?

A blockchain is an electronic distributed ledger. It is similar to traditional ledgers such as spreadsheets and accounting books, insofar as it is a recordkeeping system. At the same time, it is unique because it does not exist in any authoritative private copy. Instead, it is accessible and modifiable by multiple nodes (participants) on its network, with distributed – yet secure –management enabling a wide range of blockchain use cases, from cryptocurrencies (e.g., Bitcoin, Ethereum and many others) to supply chain asset tracking.

How do blockchains work?

Through distributed ledger technology, all blockchains support secure and verifiable transactions. For example, when Bitcoin is mined, new blocks are added to the ledger only after their accompanying proofs-of- work is evaluated by all nodes. Cryptography methods, namely specialized hash functions, link each block to the preceding one in a digital chain, prevent inversion of or tampering with its contents and limit the creation of new blocks as an anti-spam measure. As a result, blockchain security and integrity are robust. Changing even one block would require modifying all subsequent ones (since they're all linked by those cryptography methods) and generating a consensus from the network's many nodes. Blockchains can also be fine-tuned with various consensus mechanisms – other than, or in addition to, the proof-of-work system – for controlling who can become a node in the first place and the general processes for approving and rejecting transactions.
Paramount Software Solutions has joined the Hyperledger project - an open source collaborative effort with Linux Foundation this year in its effort to translate concepts into PoCs and production deployments. Reach out to us to learn more about how Blockchain could solve your business operational and process problems.

What are the blockchain use cases outside of cryptocurrency?

Blockchain technology is useful beyond digital currencies since its underlying digital ledger is:

  • Immutable, meaning its records cannot be easily tampered with.

  • Transparent, making it good for tracking purposes.

  • Decentralized, preventing domination by a single gatekeeper.

These features of distributed ledger technology make it suitable for many specialized blockchain use cases. A few of the possibilities included verification of product origin and authenticity, tracking of supply chain developments and enforcement of automatic contracts governing common workflows, like warranty transfers. Together, blockchain security and transparency can produce superior processes and operations compared to other forms of recordkeeping.

At Paramount Software, we currently offer the following blockchain-based services:

  • Product lifecycle management for manufacturing, with support for both durables and nondurables.

  • Production finance for logistics, transportation and supply chain management (SCM).

  • Peer-to-peer communications management for smart automobiles.

Our blockchain offerings are tailored to the needs of multiple industries. We serve organizations in retail, automotive, food processing and SCM.

Key Benefits of Blockchain for Businesses

Across all blockchain use cases, organizations can realize improvements in security, trust and operational efficiency:

  • Unique blockchain security for better cybersecurity across the board

    Each blockchain's built-in anti-tampering mechanisms, primarily its cryptography methods, help reduce fraudulent activity as well as human error. Plus, its distributed ledger technology dilutes the risk of a single node becoming a point of failure or going rogue. In these ways, blockchain security contributes to improved cybersecurity.

  • Increased trust due to immutable transactions

    With blockchain technology, all parties to a transaction have access to the same set of secured sequential records. Accordingly, they can trust the histories of items moving through their supply chains, the origins of specific products in manufacturing, the validity of new purchases and much more. Complex workflows, like having to perform extensive electronic data interchange when paying suppliers, can be dramatically simplified or eliminated altogether.

  • Transparency for enhanced collaboration

    The blockchain system provides organizations with auditable ledger transactions, increasing transparency across all stakeholders. However, in order to maintain a high level of privacy, the system has the ability to share transaction information only among designated members. These factors can eliminate additional checks and balances, reduce financial reporting and audit costs and allow organizations to stay focused on core business objectives.

  • Consolidated data and processes for smoother IT operations

    Blockchain ensures that there is a single source of truth across the firm. This leads to less ambiguity and confusion among teams, while freeing up valuable resources that would have otherwise gone toward reconciling disparities. Mission-critical applications such as ERP and transportation management systems benefit from targeted blockchain use cases that streamline their massive data sets and boost overall information quality.

    There are already many exciting blockchain use cases in deployment and many more set to emerge in the coming years. Paramount Software is excited to offer multifaceted, secure blockchain services to our customers in multiple verticals for safer, more trustworthy and simpler company-wide operations. Reach out to us to learn more about how to Blockchain can provide solutions for your operational, process and business challenges.

Our Blockchain Services

  • Product Life Cycle Management-Manufacturing (including both Durables & Non-Durables)

  • Production Finance-Logistics/Transportation & Supply Chain Management

  • P2P Communications Management-Smart Automobiles

Industries

  • SCM

  • Food Processing

  • Automobile

  • Retail