Blockchain
Blockchain: a collection of digital data securely stored and this repository has no central control/authority, rather a public group of peer-to-peer joint participants (“decentralized”), which verifies the integrity of the data. These “blocks” of data are connected together (“chain”) for future confirmation and use. Once data has been recorded on a Blockchain, it cannot be changed, widely known as immutable data. The distribution and sharing of said records within a peer-to-peer network and utilizing highest levels of security measures is known as DLT (Distributed Ledger Technology).
“THE WAY OF THE BLOCKCHAIN”
Community building and nation building…a great start is to develop a strong foundation for sharing success and wealth, where it’s a win-win for everyone. And simply put this is what “Blockchain technology” is all about…community and nation building…WITH “built-in” trust and integrity…and in addition, an organization takes that next revolutionary step in developing its business utilizing blockchain, and making it more successful, competitive, increasing productivity and efficiency, i.e. improving the “bottom line”.
Did the Internet matter when it started in the 1990’s?…simply put it did matter…Does Blockchain matter now?…simply put it does matter…and it matters to all of us.
Let’s keep things simple and put technology aside for a moment…and think of Blockchain as a community where the people are in control, with a common goal and where the people have access to building and shaping its community.
TRUE AND REAL TIME TRANSPARENCY
Blockchain technology ensures that all transaction details are shared only to its participants. No third party is needed to facilitate each transaction.
TRUE AND ENHANCED SECURITY
The blockchain is not stored in just one location (server).This means that the data is "public" and easily verified.
There is no centralized version of this information that can be easily tampered with.
TRUE TRACEABILITY
Blockchain provides a solution to trace end-to-end data events that is viewable to the network. All events and transactions are "view only" and cannot be deleted or edited once they are confirmed by the network.
INCREASED EFFICIENCY AND SPEED
The Blockchain allows for faster transactions through its "Peer-to-Peer" design. Each participant can serve as a node which verifies and hold a copy of the Distributed Ledger.
REDUCED COSTS
The decentralized nature of the blockchain allows for the network to participate without additional and expensive hardware.
If you want to learn more about how blockchain can be utilized for your industry, then drop us a line. Let’s discuss the possibilities.
