NEWS & EVENTS

21 Nov 2017

IBM Blockchain- Transforming the industry

What is Blockchain?

 

Blockchain technologies present opportunities for disruptive innovation. It enables global business transactions with less friction and more trust. It's a shared ledger for recording the history of transactions - that cannot be altered.

 

 

Why do we need it?

 

Transactions take place every second — orders, payments, account tracking. Often, each participant has his own ledger — and, thus, his own version of the truth. Having multiple ledgers is a recipe for error, fraud and inefficiencies. The goal is to see a transaction end-to-end and reduce those vulnerabilities.

 

How does blockchain work?

 

Transactions are complex.

 

 

  • Each participant has his own, separate ledger — increasing the possibility of human error or fraud.

  • Reliance on intermediaries for validation creates inefficiencies.

  • Can be a paper-laden process, resulting in frequent delays and potential losses for all stakeholders.

 

Blockchain makes it better.

 

  • Single shared ledger that is tamper- evident. Once recorded, transactions cannot be altered.

  • All parties must give consensus before a new transaction is added to the network.

  • Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies.

 

More to read;

https://www.ibm.com/blockchain/what-is-blockchain.html

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