Blockchain for Business

Originally published in OpusCapita Journal.

OpusCapita is investigating the possibilities of blockchain. For example, the company is involved in creating a blockchain-based e-invoicing registry. Currently, OpusCapita is also involved in a project in which blockchain is being considered as an option for building digital supply chains for exchanging trade documents in tendering, ordering and invoicing processes, for example, between business partners in the process industry.

Recently, OpusCapita cooperated with IBM on a technology demo and used IBM’s Bluemix cloud platform to create a blockchain implemented on Hyperledger Fabric. Hyperledger is one of the fastest-growing open-source blockchain communities at the moment, and Fabric is a foundation designed especially for developing industrial blockchain applications and solutions.

With Hyperledger Fabric, you can build permissioned blockchain, for example, where all new members need to be invited and approved. It also supports private transactions.

“It solves the problems caused by the anonymity for business-to-business use and, for instance, lessens the often-cited worry that someone could hack the blockchain by creating thousands of identities. Attention is paid to the privacy of the data, as well as to the speed and scalability of the system,” explains Solution Architect Ville Toro from OpusCapita.

He says that the demo had very promising results. For now, it is wise to consider carefully where to utilize blockchain – if it actually brings added value compared to the use of more traditional technologies.

“Blockchain technology should not be used just for the sake of it. When the technology matures and becomes more robust, it could become a commonly applied option for database technologies, or even merge with them,” Toro says.