Blockchain is a shared, immutable ledger that facilitates the
process of recording transactions and tracking assets in a
business network Or A trusted distributed Ledger.
We will explore about Blockchain concept and try to answer these questions,
Why Blockchain is important for business?
How you can apply the Blockchain in Business?
Blockchain Concepts:
- Shared Ledger
- It records all transactions.
- Shared between the members or participants involved in the business process.
- Tamper-proof, immutable.
- Smart Contract
- Business rules implied by the contract embedded in the Blockchain and executed with the transaction.
- Encoded in Computer language (it’s not in plain English)
- Verifiable.
- Privacy
- Every participant requires privacy for their shared information in the Ledger.
- Identity not linked to a transaction.
- It uses Cryptography techniques to encrypt the information with SHA-256.
- Trust
- The ledger is a trusted source of information for all the transaction on a business network.
- Every member endorse the transaction.
- Audit trail to verify the assets.
- Transaction cannot be modified after processing.
Why Blockchain is important for business?
- It’s save time by efficient transaction processing.
- Removes the overhead cost for the intermediaries.
- Reduce the risk of fraud and tempering.
- Increases the trust.
We will continue in next Blockchain series articles…
