Blockchain Applications and Trends That Promote Information Management

Blockchain Applications and Trends That Promote Information Management

Elisha Ondieki Makori (University of Nairobi, Kenya)
Copyright: © 2020 |Pages: 18
DOI: 10.4018/978-1-7998-4742-7.ch002

Abstract

Blockchain revolutionary paradigm is the new and emerging digital innovation that organizations have no choice but to embrace and implement in order to sustain and manage service delivery to the customers. From disruptive to sustaining perspective, blockchain practices have transformed the information management environment with innovative products and services. Blockchain-based applications and innovations provide information management professionals and practitioners with robust and secure opportunities to transform corporate affairs and social responsibilities of organizations through accountability, integrity, and transparency; information governance; data and information security; as well as digital internet of things.
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Introduction

Digital revolution and innovation have fundamentally transformed and changed human development and civilizations worldwide. Technological applications have enhanced sustainable development and social transformation of human lives in the society. Digital disruptions have empowered people, women, girls and marginalized communities with new business prospects and capabilities that engage with governments together with public and private sectors. Blockchain-based have continued to influence multiple sectors, industries, professions and organizations. Digital blockchains are applied in business, health, science, information, education, culture and justice. This chapter investigates blockchain practices and trends that nurture and promote information management in organizations. The purpose is to demonstrate the extent to which blockchain-based applications and innovations are shaping and promoting information management practices with new prospects and better futures. Objectives include:

  • Exploring thinking priorities that information management professionals in organizations advance towards blockchain practices;

  • Determining practical applications of blockchain practices that should form the priority for information management professionals;

  • Postulating strategies and solutions to enhance the success of blockchain technology in information organizations.

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Background

Digital industrial revolution has transformed and advanced human development values and prospects across the world. Modern humanity values and social transformation are advanced with digital innovations and trends that promote unit of purpose, togetherness and inclusion through artificial intelligence systems and blockchain platforms. In equal measure, the fourth industrial revolution is critical to sustainable development goals (SDGs), transformative agenda nine (9) whose fundamental purpose is to build resilient infrastructure including information communication technology (ICT), promote industry and foster innovation for socio-economic development and growth (United Nations Development Programme, 2016). Digital innovations and applications have empowered people to deliver positive dividends and results in the society. According to Gauri (2019), first, the fourth industrial revolution gave birth to the fifth industrial revolution that brings development focus back to humanity with artificial intelligence, blockchains and robots. Second, the industry 5.0 applies digital innovations to align humans with decent investment returns, create meaningful jobs, build communities and preserve the environment. Third, the fifth industrial revolution enhances humanity and communities with sustainable development goals and practices. Industry 5.0 is about sustainable innovations, applications and best practices that foster human values. The fifth digital evolution enhances inclusion, collaboration, better practices and professional ethics to advance humanity and development. The fourth industrial revolution laid the foundation of innovations with digitization, artificial intelligence systems, data management analytics and automated solutions. The third digital revolution introduced electronic and information technology in mass production and management of goods. The second industrial revolution applied electricity while the first digital evolution invented the steam engine.

Fifth and fourth industrial revolutions hold the transformative agenda of the digital economy whose implications are critical in sustainable development practices. Technology and innovation are critical pathways to digital development and applications in the society. Emergence of novel and powerful digital technologies, digital platforms and digital infrastructures has transformed innovation and entrepreneurship in organizations with broader implications for value creation and value capture (Nambisana et al., 2019). Importantly, the infusion and growth of information communication technology in the last decade has provided many opportunities to overcome some of the challenges faced many sectors of the economy including agriculture, where digital developments have provided stakeholders with some key tools and technologies to improve production and marketing processes, thereby, facilitating and encouraging increased creative use of mobile-broadband access devices, the Internet of Things (IoT), drones, smart networks, capacity for big data analytics, and artificial intelligence (Sylvester, 2019).

Key Terms in this Chapter

Emerging Technologies: Modern digital systems, solutions, and tools with profound development and impact in information management such as blockchain information, blockchain knowledge, blockchain repositories and blockchain data.

Innovations: Ability to develop, create, and implement new digital and information products and services in organizations.

Bitcoin: First digital currency payment system that applies digital money or cryptocurrencies in transactions through the internet.

Information Organizations: Organizations and institutions that manage information, knowledge, technology, and people in the society.

Information Governance: Principles and practices that enhance and promote effective and efficient leadership and governance in organizations, institutions, community and the society.

Information and Knowledge Management: Process that sustains and supports utilization of information resources (data, information, knowledge, technology and people) in planning and decision making in organizations and institutions.

Digital Innovations: Development and applications of creative and intelligent technological systems and solutions utilized in information and communication such as industrial Internet of Things, Internet of Things, blockchains, automation, robotics and drones, big data and information analytics; mobile enterprises and artificial intelligence systems.

Blockchain Technology: International network of technological systems that applies digital smart and novel computation solutions to manage records and data transactions.

Information Management Professionals: Information science professionals and practitioners that sustain and manage information, knowledge, and technology in organizations and institutions.

Blockchain: Distributed database system that records and shares data and information transactions in the network.

Internet of Things: Innovative digital technological systems and solutions that are utilized in information organizations such as information of things, Internet of value, mobile of things, web of things, digital information systems, personal devices, and hyperconnectivity.

Disruptive Technologies: Emerging, new, and trending innovative digital development systems and solutions applied in organizations and institutions such as blockchains, Internet of Things, robotic process automation and mobile applications.

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