What is Blockchain?
Blockchain uses Distributed Ledger Technology (DLT) – a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions; there is no central administrator or centralized data storage.
Business transactions take place each second of each day — orders, payments, shipping and more; each party has their own ledger, which may differ from other participants….these transactions generally include one or more intermediaries that plague the system with additional cost, errors, fraud and inefficiency. Parties to a transaction on a blockchain share a single-truth of the transaction details, with minimal intermediaries, drastically reducing the vulnerabilities of conventional transactions.
- Each party has a separate ledger — increasing the possibility of human error or fraud.
- Reliance on intermediaries for validation creates inefficiencies and additional cost.
- Single, shared, tamper-evident ledger — once recorded, transactions cannot be altered.
- All parties must give consensus before a new transaction is added to the network.
- No intermediaries eliminates waste, speeds up transaction time and increases efficiency.
Blockchain Use Cases:
- Banking & Financial Markets
- Real Estate & Insurance
- Travel & Transportation
- Government & Healthcare
- Consumer Services & Utilities
- Cross Industry & Supply Chains
- Manufacturing & Education
- Internet & Data Storage
- Chemical & Petroleum
- Electronics & Energy