Blockchain is a shared and permanent record for recording transactions, tracking assets and building trust. Find out why businesses around the world are adopting this. An asset is obvious (a house, car, money, land) or invisible (property property, patents, copyright, branding). Virtually anything of value can be tracked and traded on a blockchain network, minimizing risk and reducing the cost to everyone involved.
Works on business information. The faster it is received, the more accurate it is, the better. Blockchain is ideal for transmitting that information because it provides instant, shared, and fully transparent information stored in an unchanged ledger that can only be accessed by authorized network members.
All network partners have access to a distributed ledger and an unchanged record of its transactions. With this shared ledger, transactions can only be recorded once, eliminating duplication of attempts similar to traditional business networks.
No partner can change or discredit a transaction after it has been recorded in a shared ledger. If a transaction record contains an error, a new transaction must be added to correct the error, and then both transactions will appear.
To speed up transactions, a set of rules - called smart contracts - are stored in the blockchain and automatically enforced. A smart contract can define the terms of a corporate bond transfer and include the terms and conditions for travel insurance.
What needs to change: Activities for duplicate record keeping and third-party evaluation are often a waste of effort. Record keeping systems can be vulnerable to fraud and cyber attacks. Limited transparency can slow down data testing. With the advent of IoT, transaction volumes exploded. All of this is slowing down the business and flowing down the line - which means we need a better way. Enter the blockchain.
With Blockchain, as a member of a network with only members, you can be sure that you are receiving accurate and timely data and that you will only share your confidential blockchain records with members of the network that you specifically grant access to.
Consensus on data accuracy is required from all network members, and all valid transactions remain unchanged: permanently recorded. No one, not even a system administrator can delete a transaction.
Using a distribution ledger shared between members of a network eliminates time-wasting record reconciliations. To speed up transactions, a set of rules - called a smart contract - can be stored in the blockchain and executed automatically.