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Blockchain

Overview

A Blockchain allows untrusting parties with common interests to co-create a permanent, unchangeable and transparent record of exchange and processing without relying on a central authority.

A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many other ways.


Key Highlights
Insufficient historical traceability for transactions and assets. Questionable integrity of existing historical records. Lack of innovative solution to manage and foster transparency.
Value Propositions
Of truth. Data is encrypted and linked to the previous transaction making it very difficult for hackers to comprise the data.
Outcome
Meet infrastructure supply and demand effortlessly. Increase efficiency, speed and transparency as a trusted party Reduce operational cost and spending on third parties and middleman to make guarantees. Peer-to-peer global transaction for business.

Why is Blockchain Important?

At the core, you can find the blockchain importance by going through its key features. These features make blockchain irresistible in diverse scenarios and mark itself as the best possible solution:
  1. Immutability:
    Data once stores cannot modified and altered
  2. Transparency:
    Offers trasnperency so that businesses can track every system detail.
  3. Efficiency:
    Enables businesses to carry out operations efficiently.
  4. Traceability:
    Offers all-time traceability that prevents fraudulent activities.
  5. Security:
    Utilized high-level cryptography algorithims and methods.