What is it and how does it work?
Blockchain unlocks tremendous value in virtually any industry.
Blockchain technology enables everybody involved in a transaction to know with certainty what happened, when it happened and to confirm other parties are seeing the same thing—without an intermediary providing assurance, and without having to reconcile the data afterwards.
Today's transactions are complex and costly.
- Prone to human error or fraud as each participant has its own separate ledger.
- intermediaries are needed for validation causing inefficiencies
- Frequent delays & losses due to paper-based and data stored locally by each party.
Blockchain is the solution.
- Peers have a single shared ledger and once the transaction is validated, the record is permanent, secure and immutable.
- A smart contract—code running on top of a blockchain that contains a set of rules under which the parties mutually agree eliminates the need for third parties.
- Owner of the transaction has the power to move anything of value freely and instantly without intermediaries.
- Eliminates or reduces paper processes, need for intermediaries, speeds up transaction times and increases efficiencies and transparency.