Blockchain technology is dominating much of the digital transformation conversation, but do you really know what blockchain technology can become and what is even possible now?
Many companies implement blockchain solutions without evoking FUD (fear, uncertainty, and doubt) about what this new technology could bring to their organization. While blockchain represents a significant technological change that’s altering markets when it’s properly applied, it has serious implications for vertical markets in which disintermediation, smart contracts, and other transactions are prevalent.
Blockchain technology is having a major impact in all types of industries including financial services, shipping, manufacturing, government, legal, and logistics. While blockchain works through the concerns of this new technology over the coming years, standards and accepted practices will emerge and even answer how it can and will help your digital transformation efforts.
Here are some of Blockchain technology’s best features especially when it comes to digital transformation.
Blockchain technology can enable both the creation of new cryptocurrency and the processing of transactions within the system. Cryptocurrency is a new concept and a disruptive approach to currency but the solution for a shared ledger of transactions is truly the most disruptive innovation. Blockchain technology can process peer-to-peer transactions across the world via distributed computers.
Blockchain technology acts as a shared, distributed, and immutable ledger for recording assets within a given network. The transactions are processed in a block that is linked within a chain, hence the name. To maintain integrity, each block incorporates a cryptographic hash, as well as the hash from the previous black and other sets of verified transactions. This strengthens the security of the previous block and the entire chain.
A huge advantage of Blockchain technology is that the ledger of blocks and transactions enables all participants to work with a single version of the truth, thanks to Distributed Ledger Technology (DLT). The methodology of Blockchain records and shares each transaction once to create an immutable record for all participants. DLT provides businesses with complete autonomy and ownership of the digital systems and data they use to automate their business functions.
Businesses no longer need to work within siloed systems and they can now establish true, transparent digital relationships with their partners using shared ledgers of transactions.
Want to know more about how Blockchain technology is changing digital conversations? Click on the link below to watch a quick video and to download the whitepaper How Blockchain Technology Is Dominating Digital Transformation Conversations.