What is a Blockchain?
Introduction to Blockchain
A blockchain is a public ledger of all transactions that have ever been executed within an ecosystem. It is constantly growing as ‘completed’ completed blocks added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order, and each computer node within the ecosystem has access to a complete copy of blockchain at all times. Originally leveraged solely in the cryptocurrency arena, people have woken up to the myriad of ways blockchain technology can be leveraged now and in the future to improve efficiency of countless industries.
Blockchain technology marks the next “jump” in business optimization
Blockchain will impact entire industries by optimizing business processes and by sharing data securely among organizations. Blockchain combines a number of cryptographic, mathematical and economic principles to maintain a database of participants without requiring a third party validator.
An obvious example is the Financial Services industry, where its technology could deliver a “huge cost savings” from its use in back office operations as well as big gains in transparency that hold promise from a regulatory and auditing standpoint.
Blockchain use cases focus on the increased efficiency from eliminating the need for reconciliation among parties, the speed of trade and contract settlement, or the revamping of existing processes.