Blockchain can do for business and commerce what the internet did for communication
Every second of every day, businesses exchange goods, services, money, data and other modes of value with suppliers, partners, customers and others.
Each exchange of value is a transaction. Successful transactions need to be fast, precise and easily agreed on by parties participating in the transaction.
Blockchain for business provides a way to execute many more of these transactions... a much better way.
How does blockchain work?
As each transaction occurs – and the parties agree to its details – it’s encoded into a block of digital data and uniquely signed or identified.
Each block is connected to the one before and after it — creating an irreversible, immutable chain.
Blocks are chained together, preventing any block from being altered or a block being inserted between two existing blocks.
What makes blockchain for business better for business?
It’s distributed (DLT)
Blockchain creates a shared system of record among business network members, eliminating the need to reconcile disparate ledgers.
It’s permissioned
Each member of the network must have access privileges. Information is shared only on a need-to-know basis.
It’s immutable
Consensus is required from all members and all validated transactions are permanently recorded. Even a system administrator can’t delete a transaction.
How can blockchain help you?
It Create new business value
Organizations must continually improve business processes and explore new opportunities.
Blockchain helps build more efficient, enterprise business models.
Optimize ecosystems
Facilitating transactions with suppliers, partners and customers helps streamline business processes and transactions. Blockchain helps build more efficient, enterprise business models.
Reduce Risk
With blockchain, your business process network creates transactions using a distributed, permissioned, immutable ledger.
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What's the difference between blockchain and bitcoin?Bitcoin is an unregulated, digital currency. Bitcoin uses blockchain technology as its transaction ledger.
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How can blockchain impact an entire industryBlockchain enables businesses to rethink the way they work. In the diamond industry, for example, each party can access: High-resolution photos Immutable payment records Certificates of authenticity Ownership trail and more.
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What are smart contracts?Smart contracts are an integral part of blockchain technology. They automatically execute transactions and record information onto the ledger without human intervention. Conditions of smart contracts are mutually agreed on by network members. They’re a key component for establishing trust and efficiency between parties. Smart contracts eliminate essentially all the paperwork, streamlining the entire process and saving time and money.