Over 55% of businesses plan to use blockchain technology by 2020
Will your company get left behind? Blockchain provides greater trust, traceability and security.
At a very high level, Blockchain is a decentralised ledger or list of all transactions across a peer-to-peer network. It’s the technology that underlies Bitcoin and other cryptocurrencies, and it has the potential to disrupt a wide variety of business processes.If the internet is the foundation for all kinds of digital innovation, Blockchain technology is the root of radical rethinking of how we pay for things — as well as how we verify who owns what and who has the right to buy and sell it.
Blockchain technology is complex, although an eloquent overview from The Economist offers a way in. At a very high level, though, the Blockchain is a decentralised ledger, or list, of all transactions across a peer-to-peer network. This is the technology underlying Bitcoin and other cryptocurrencies.
All transactions are logged and stored securely offering immutable history and an audit trail. All transactions are always auditable.
Automated events can be defined using smart contracts when certain conditions are met in the transactions, such as automatic report generation.
The integrity and security of transactions are guaranteed via cryptography and trust provided via consensus between all members.