The New Technology of Trust
The New Framework For Business
DECENTRALIZED AND SECURE
A new technology is redefining the way we transact.
Blockchain is not just Bitcoins and cryptocurrencies but a true framework for business applications with the potential to change the way we do business, interact with a counterpart, verify and protect the authenticity of everything from health data to property titles.
Blockchain technology is simple to understand at its roots.
Basically, the tech exists as a shared database filled with entries that must be confirmed and encrypted. It’s helpful to envision it as a strongly encrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors.
Blockchain provides a way to securely and efficiently create a tamper-proof log of sensitive activity.
Blockchain combines the decentralized nature of the internet with the security of cryptography to give everyone a faster, safer way to verify information and establish trust.
BLOCKCHAIN IS …
A Digital Record
A blockchain is a record of transactions, like a traditional ledger.
These transactions can be any data, health records, money transactions, a purchase at a supermarket or any tangible or intangible property currently listed on a ledger. This information can be stored on the ledger along with contractual details of others who are allowed ownership in this property. Smart keys could be used to facilitate access to the permitted party. The ledger stores and allows the exchange of these smart keys once the contract is verified.
Smart contracts are legally binding programmable digitized contracts entered on the blockchain. Smart contracts are digital which are embedded with an if-this-then-that (IFTTT) code, which gives them self-execution. In real life, an intermediary ensures that all parties follow through on terms. The blockchain not only waives the need for third parties but also ensures that all ledger participants know the contract details and that contractual terms implement automatically once conditions are met.
Blockchain is designed to store information in a way that makes virtually impossible to add, remove or change data without being detected by other users.
Today, transactions are verified according to a central standard or by a central authority. Blockchain business applications could replace these centralized systems with decentralized ones, where verification comes from the consensus of multiple users.
The immutable nature of blockchain, and the fact that every computer on the network is continually verifying the information stored on it, makes blockchain an excellent tool for storing big data.
The biggest advantage for blockchain in cybersecurity is that removes the risk of a single point of failure.
Blockchain tech also provides end-to-end encryption and privacy.
Blockchain is poised to transform practices in a number of IoT sectors, including:
- The supply chain: Tracking the location of goods as they are shipped and ensuring that they stay within specified conditions.
- Asset tracking: Monitoring assets and machinery to record activity and output as an alternative to cloud solutions.
- Healthcare: Enabling logging and sharing of medical data between numerous stakeholders with versatile permissioning, directly holding some data while offering encrypted links to other information.