What is a BLOCKCHAIN:
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, a car,cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Why BLOCKCHAIN is important for your business :
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 stored on an immutable ledger that can be accessed only by permissioned 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 details of a transaction end-to-end, giving you greater confidence, as well as new efficiencies and opportunities.
Also other key benefits include :
Time savings: Transaction times for complex, multi-party interactions are slashed from days to minutes. Transaction settlement is faster because it doesn’t require verification by a central authority.
Cost savings: A blockchain network reduces expenses in a few ways:
- Less oversight is needed because the network is self policed by network participants, all of whom are known
on the network.
- Intermediaries are reduced because participants can
exchange items of value directly.
- Duplication of effort is eliminated because all participants have access to the shared ledger.
Tighter security: Blockchain’s security features protect against tampering, fraud, and cybercrime. If a network is permissioned, it enables the creation of a members-only network with proof that members are who they say they are and that goods or assets traded are exactly as represented.
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