Blockchain is a shared, ledger that is immutable that facilitates the process of tracking assets and recording transactions in a corporate network. Assets can be tangible (house, vehicles, money, land etc.) or intangible (patent, copyright, intellectual property, brand image etc.). Almost anything of value can be tracked and traded on the blockchain network, reducing risk and cost for all parties involved. Why Blockchain is necessary: Business is data-driven. It is faster, more accurate and better. Blockchain is ideal for data communication because it provides instant, shared, and fully transparent information stored on a transferable ledger that only the owner’s network device is allowed to access. A blockchain network can track accounts, payments and production, etc. And because members share a single view of reality, they have an end-to-end view of all aspects of the exchange, again delivering new benefits and additional opportunities with more confidence.
Blockchain Key elements:
As every transaction occurs every Block Records the data. Every block is linked with other blocks before and after. Transactions are locked together on an irreversible chain.
What needs to change: Operations often rely on outdated information and third-party verification. The stored information may be vulnerable to fraud and cyberattacks. Limited transparency can use slow data. And with the emergence of the IoT, the volume industry is exploding. All of this slows down your business, wastes money, and you need a better way.