Blockchain is a shared, secure, immutable ledger of transactions distributed among a network of computers, rather than resting with a single provider. It facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible or intangible.

Why do we need blockchain?

Business transactions take place every second of every day orders, payments, account tracking and much more. Often, each participant has his or her own ledger and, thus, a version of the truth that may differ from other participants.

These multiple ledgers can be a recipe for error, fraud and inefficiency. But because members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities.

Ordinary transactions are complex

  • • Each participant has his own, separate ledger increasing the possibility of human error or fraud
  • • Reliance on intermediaries for validation creates inefficiencies
  • • Can become a paper-laden process, resulting in frequent delays and potential losses for all stakeholders

Blockchain reduces the complexity

  • • 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
  • • Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies

Blockchain can help enterprises across many industries: