BlockChain is a Decentralized Ledger System that creates a permanent (Immutable) and shared registry of every transaction, associated with any type of Asset (Tangible & Intangible). Every Transaction is Time Stamped, put into a Block and is appended to the Block before it. Due to the decentralized nature, data inside a Block is validated and appended by a common Consensus achieved by all (or some) of the participating parties, which makes the record Trustworthy, Transparent and Secure.
BLOCKCHAIN is a phenomenon which shifts focus from the periphery to the center of a business network
$176 Billion of Business value by 2025 – Gartner
10% of Global GDP by 2027 – World Economic Forum
The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. It’s the blockchain… -Harvard Business Review, 2016
What is BlockChain?
What are its Benefits?
- Enabling Trust in peer-peer transactions, while eliminating the intermediaries.
- Creating Real-Time visibility and transparency within a business network.
- Reduction of time & cost for business transactions.
- Eliminating the risk of human error and fraud.
- Tamper proof Business critical records which are cryptographically secured and permanent.
Manufacturing
Component provenance, protection of IP, Recall Management, Process Adherence
Government
Record of ownership, Taxation streamlining, secured elections
Healthcare
Tracing drugs, Regulations, privacy management, Trial management
Utilities
Metering & Billing, Asset management, Management of renewable energy
Insurance
Automation of Claims, Faster payments, Fraud prevention,
Retail
Eliminate Counterfeit goods, Accuracy in history of products, Warranty Adjudication
Banking
KYC, Loan & Mortgage processing, Domestic & international transactions, AML prevention
Supply Chain
Asset tracking, avoid counterfeit components, Forecast Management
Education
Grant Management, Transcript Management, Fraud prevention
Entertainment
Non-Tangible asset management
