What is Blockchain?

ABOUT THE BLOCKCHAIN TECHNOLOGY

What is Blockchain?

Blockchain is a shared, immutable ledger (chain of records) that eases the process of recording transactions and tracking assets in any business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network.

Distributed Ledger Technology

All network users have complete access to the distributed ledger and its immutable record of transactions. As everyone works on a shared ledger, each data entry takes place only once, thus eliminating the possibility of duplication.

Unchangeable Records

No participant can change or tamper with a transaction after it’s been recorded to the shared ledger and network. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.

Smart Contracts

To speed transactions, a set of rules — called a smart contract — is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, include terms for travel insurance to be paid and much more.

How does Blockchain work?

Each transaction is recorded as a block of data

The data block can record the information of your choice: who, what, when, where, how much and even the condition.

Each block is connected to a previous and a next block

The blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks.

These blocks are linked together in the form of an irreversible chain

Each additional block strengthens the verification of the previous block and hence the entire blockchain is tamper-evident, delivering the key strength of immutability.

Why Blockchain is the future of everything?

Enhanced Security

By creating a record that can’t be altered and is encrypted end-to-end, blockchain helps prevent unauthorized activity.

Instant Traceability

Blockchain creates an audit trail that documents the provenance of an asset at every step on its journey.

Better Efficiency

With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated.

Decentralized Structure

The decentralized nature of blockchain sets it apart from traditional record-keeping. It is accessible to all.

Increased Transparency

All network participants with permissioned access see the same information at the same time, providing full transparency.

24/7 Active Tech

Unlike traditional systems, the blockchain system is accessible to everyone at all times through the given network.

Completely Automated

Transactions can even be automated with “smart contracts,” which increase your efficiency and speed the process even further.

Greater Trust

With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data.

Blockchain for Industries

Blockchain

ABOUT THE BLOCKCHAIN TECHNOLOGY