The combo yields a trusted system of records that can be shared between disparate partner companies
As the blockchain continues to mature and find adoption in areas other than cryptocurrency, ERP vendors are working to integrate the distributed ledger technology as a trackable, immutable record for everything from shipping manifests and supply chains to equipment maintenance and dispute-resolution systems.
"This is very real and something we're aggressively excited about," said Brigid McDermott, vice president of Blockchain Business Development at IBM. "What blockchain does is provide a trust system of record between disparate companies."
The value achieved through integrating blockchain with ERP systems comes not by creating and porting new information into the distributed ledger, but by drawing existing data from enterprise systems and being able to tightly control with whom it is shared.
Eighty percent of the world's corporate data resides in silos, according to McDermott. While the promise of big data has always been the ability to glean greater insights, owners of that information keep it close to their collective chests, concerned that once it's released, they'll lose a competitive advantage.
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