blockchain is a record-keeping and contract-enforcement technology that is based on complex cryptography. It allows organizations to streamline shared workstreams such as supply chains by exchanging and tracking assets and transactions on a shared ledger (often called distributed ledger technology, or DLT). On a blockchain, information is usually equally distributed (Peer-to-Peer) among all network participants, giving each participant real-time visibility into every transaction that occurs on the network. Each partner also has the ability to reject incorrect transactions before they are applied to the ledger, which simplifies auditing and greatly reduces the risk of fraud.
Safety and Compliance
Records on the blockchain are unalterable. Consequently, the risk of fraud is strongly reduced through new types of protocols and smart monitoring.
Creation of Trust
Removal of the ‘middleman’ in transactions
blockchain provides provenance, traceability and transparency of transactions
Data stored on a blockchain is securely encrypted.
Information is updated for everyone in the network at the same time.
Access to permissioned networks is restricted to identified users.