Hi lally ,
There is some aspects that blockchain can empower the ERP system and impact on ERP system:
Blockchain Ledger
One of the most important elements of Blockchain is the so-called ledger. A ledger is a database containing the blockchain content and all those that are part of the blockchain network have a copy of the shared ledger. Changes in the ledger can only be made by the majority of devices in the network.
Digital gold
By blockchains such as Bitcoin, these ledgers consist of the so-called miners digging for digital gold, the famous Bitcoins.
The hashing riddle
If a new block is to be added to the chain, there must be agreement among the miners, which is calculated by an algorithm, a consensus algorithm based on a hashing mystery that the miners compete to solve first.
The point of hashing task is to verify whether the information included in the block are correct, which makes it extremely difficult to cheat.
True and verifiable registration
It is only possible to update a Blockchain if there is consensus between the participants in the system. Additionally, once it is entered, data can never be deleted again. Therefore, Blockchain contains a true and verifiable record of all transactions ever made in that Blockchain system.
Impact on the ERP systems
Blockchain technology can play an important role in areas such as supply chain management and production, areas typically falling under the ERP systems domain. It is therefore not unthinkable that blockchain will have a significant impact on the ERP systems in the near future.
Data control
The value which can be achieved by integrating Blockchain with ERP does not depend on transferring new information to the distributed ledger, but by pulling existing data from the company's systems and at the same time be able to control with whom the data is shared.
Supplement to ERP
Blockchain can create a single version of an information, in which the underlying IT system undergoes a simplified blockchain and ensures that all systems, rather than talking to each other, speak through a blockchain. Although this may lead to a simpler integration among the IT systems, Blockchain will almost certainly not replace the ERP systems. However, Blockchain can work as a complementary supplement that, through an application, simplifies the integration between the parties and reduces the applications vulnerabilities due to the system's inherent security.
Best Regards
Tom Cai
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