Antony Welfare, CCO at NEM Software, says companies benefit from enhanced security measures through hybrid chains.
The merging of public and private chains is quickly becoming a focal point for blockchain-based businesses.
The pandemic has prompted a growing number of businesses to embrace e-commerce platforms
Antony Welfare, Commercial Director of NEM Software, shares his thoughts on the benefits of integrating blockchain-enabled hybrid solutions into e-commerce and businesses.
The benefits to businesses provided by hybrid blockchain models are exponential. A hybrid chain model seamlessly integrates two integrated chains – one public and one private – allowing companies to use the immense benefits provided by integrated public and private blockchains.
Businesses benefit from enhanced security measures through hybrid chains, while enabling direct communication between business and consumers through the open ledger that is synonymous with efficient blockchain solutions.
Above all, hybrid blockchain solutions enable a “best of both worlds” scenario that gives businesses more flexibility in how they manage and share data. Using data is at the forefront of consumers‘ concerns, and businesses can build trust and loyalty by delivering a solution that places a premium on transparency.
How are hybrid models different from public and private channels?
In order to fully understand the unique benefits of using hybrid channel solutions, it is important to understand public and private channel solutions. A public blockchain is an open network that allows any user to join and participate in the network. Conversely, a private blockchain is one to which a company only allows access to specific users by explicitly confirming the authorization.
A hybrid blockchain is one that is built as a chain; a public blockchain network is accessible to consumers, while a private blockchain network is set up for the management of company information, data and stakeholders overseeing the transactions in question.
The merging of public and private chains is fast becoming a focal point of blockchain-enabled business, with NEM’s Symbol redefining what blockchain looks like for the next generation of businesses.
Hybrid blockchain solutions will allow companies to simultaneously benefit from the much appreciated transparency of public channels, while also allowing the implementation of data restrictions and encryption measures for more sensitive or confidential information. They also allow companies to negotiate with third parties, which significantly improves the customer experience. This enables benefits such as loyalty programs, which are becoming increasingly popular on hybrid platforms.
In situations where information needs to be shared with a third party, for example, an insurance broker sharing customer information with the underwriter, hybrid chain solutions allow data to be automatically shared in a secure manner that ensures the safety of customers. customer information.
The data also cannot be manipulated by any party due to the immutable nature of blockchain solutions. Their transferable and transparent nature allows for improved tracking of ownership, ensuring that all parties are aware of the status of the data at all times.
This translates into significant savings for businesses, as monitoring and litigation costs are often deemed unnecessary. Hybrid blockchain solutions are also fast, resilient, and require very little maintenance, further reducing the costs incurred for all businesses, especially complex ones.
