Blockchain Solutions
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, or branding). You can virtually track and trade anything of value on a blockchain network, reducing risk and cutting costs for all involved.
How does blockchain work?
As each transaction occurs, it is recorded as a “block” of data
Those transactions show the movement of an asset that can be tangible (a product) or intangible (intellectual). The data block can record the information of your choice: who, what, when, where, how much, and even the condition — such as the temperature of a food shipment.
Each block connects to the ones before and after it
These blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions. And, they link securely together to prevent any block from being altered or a block being inserted between two existing blocks.
Transactions are blocked together in an irreversible chain: a blockchain
Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability. This removes the possibility of tampering by a malicious actor — and builds a ledger of transactions you and other network members can trust.
Why is blockchain important?
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information. Because it provides immediate, shared, and completely transparent information. This information is stored on an immutable ledger that can be accessed only by permitted network members. A blockchain network can track orders, payments, accounts, production, and much more. And because members share a single view of the truth, you can see all the details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.
Distributed ledger technology
All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort that’s typical of traditional business networks.
Immutable records
No participant can change or tamper with a transaction after it’s been recorded in the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.
Smart contracts
To speed transactions, a set of rules (called smart contact) is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, include terms for travel insurance to be paid, and much more.
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