25 Feb What is Blockchain?

What is Blockchain?

Blockchain can do for business what the internet did for communication
Every second of every day, businesses exchange value with suppliers, partners, customers and others. By value, we mean goods, services, money, data and more. Each exchange of value is a transaction. Successful transactions need to be fast, precise and easily agreed on by parties participating in the transaction. Blockchain for business provides a way to execute many more of these transactions — a much better way.

How does Blockchain work?

As each transaction occurs – and the parties agree to its details – it’s encoded into a block of digital data and uniquely signed or identified. Each block is connected to the one before and after it — creating an irreversible, immutable chain. Blocks are chained together, preventing any block from being altered or a block being inserted between two existing blocks.

What makes Blockchain for business better for business?

It’s distributed – Blockchain creates a shared system of record among business network members, eliminating the need to reconcile disparate ledgers. Each member of the network must have access privileges. Information is shared only on a need-to-know basis. It’s permissioned – Each member of the network must have access privileges. Information is shared only on a need-to-know basis. It’s immutable – Consensus is required from all members and all validated transactions are permanently recorded. Even a

How can blockchain help you?

Create new business value – Organizations must continually improve business processes and explore new opportunities. Blockchain helps build more efficient, enterprise business models. Optimize ecosystems – Facilitating transactions with suppliers, partners and customers helps streamline business processes and transactions. Reduce risk – With blockchain, your business process network creates transactions using a distributed, permissioned, immutable ledger.