Knowing that investment in digital transformation tools will accelerate in 2021 and that blockchain will be a trend this year, you may be asking yourself, what is blockchain? Find it out in this article.
“Big opportunities are born from having taken advantage of small ones”
At the end of last year, the Ministry of Economic Affairs and Digital Transformation announced that investment in digitalisation and telecommunications will be €4.23 billion by 2021. The aim is to meet the deployment deadlines of the Digital Spain Agenda 2025, which aims to boost Spain’s digital transformation in public and private sectors.
Based on this digital plan and the increasing investment per year, many public and private companies will accelerate the digitisation process. Digitalisation has not only changed business management, but also the structure of physical products and has even led to the creation of new digital products or services that revolutionise the market. This process is known as technological disruption.
Today, digital technologies are of great importance in organisations and the critical infrastructure is no exception, making use of digital tools to manage its assets.
Every year, infrastructures in industries such as telecommunications are in constant search of process improvement, finding the answer in IT tools. For this reason, we highly recommend you to have a look at our article on the technological trends in the telecommunications industry in what is known as ”emerging telecom technologies”.
What is blockchain?
Once you are aware of the acceleration in investment in digital transformation solutions in 2021 and that blockchain will be a trend this year, you may be asking yourself, what is blockchain?
Blockchain is a shared database that functions as a ledger for the recording of buying and selling operations or any other transaction. Blockchain ” or ”block system” is a basic principle by which all the data recorded through codes can be encrypted.
This principle has great advantages in cybersecurity and the fight against fraud, as it requires the modification of each node of the system that makes up the chain.
Analysing this definition, it may seem too technical, but let’s give an example to make it easier to understand. Are you familiar with ‘‘smart contracts’‘?
Smart contracts refer to contracts that do not require a third party to enforce the contract, but rather individually, digitally and automatically execute the conditions described in the clauses. So if, for example, a person buys a train ticket with a delay insurance and the ticket is delayed beyond the time specified in the purchase contract, a transfer is automatically made and the full amount is refunded.
History of the blockchain and cryptocurrency
As a result of the appearance of blockchain and the resulting innovations, other digital products that had been possible for a long time but could not be implemented without the existence of this technology have been able to emerge.
Blockchain has a direct relationship with the creation of bitcoin and cryptocurrencies as it was thanks to this technology that the bitcoin product could be developed in 2008. Bitcoin was implemented through the blockchain system that records transactions in a peer-to-peer network.
This may be the reason why the financial sector is the one that has advanced the most with this technology. However, other sectors such as energy, telecommunications or Smart Cities are also developing it and taking advantage of the great potential of this technology.
Benefits of blockchain in critical infrastructure management
Thanks to Blockchain technology, each block is connected to another one, so there is no need for a centralised database, providing better security, transparency and management.
This technological system allows other technologies such as IoT, AI or Big Data to grow by enhancing the connection between different critical infrastructures, facilitating the automation of processes and increasing data collection.
As a result, operational and asset management efficiency is increased by reducing the time and resources needed to carry them out. In addition, cybersecurity would be reinforced by preventing fraudulent actions and reinforcing the protection of personal data. Indeed, this is one of the great benefits of the blockchain.
But what other benefits of blockchain can be applied to infrastructure management?
• Energy efficiency: As a decentralised network that does not depend on intermediaries, in which transactions are secure and transparent between energy companies and end consumers. This allows energy sustainability and greater control over the energy consumed.
• Smart Green Cities: This is the term given to smart cities that seek to improve the environment of urban cities through digital technologies. By connecting the maximum infrastructures of a city, blockchain can provide the necessary information to control organic waste, urban traffic, energy consumption or to reduce the carbon footprint in the air..
• Better access to the 5G network: Blockchain technology will help devices to have more direct and faster access to the benefits of 5G infrastructures. This will allow users to connect to the nearest infrastructure by constantly seeking the fastest route through the use of tokens.
Atrebo has developed TREE, an asset management digital transformation platform specialised in process automation and in infrastructure management.
Our mission is to empower critical infrastructure companies by supporting them to take full advantage of the new opportunities offered by digitalisation and by providing innovative solutions in a simple and easy-to-use tool.
We help our clients to improve their critical infrastructure management by transferring our know-how to them. With the help of our solution, your company will be able to increase productivity, digitise processes, reduce operating costs or identify new sources of revenue by adopting a digital strategy, thanks to the knowledge acquired in our 10 years of experience in the industry.