Blockchain: Re-imagining Multi-Party Transactions for Businesses
Blockchain is a shared, immutable ledger that enables trusted multiple party transactions. Blockchain offers us the opportunity to relook existing business networks, and reimagine how we perform, record and secure transactions. By making transactions shared and distributed, we break down silos of information control. This makes the transactions faster and more efficient, while completely preserving notions of privacy, authenticity, and auditability.
Blockchain has been popularised by Bitcoin, the cryptocurrency. However, there are many other potential applications. This joint publication with IBM focuses on how blockchain can be applied to businesses, especially in highly regulated industries like financial services. We will describe some of the key concepts in blockchain for businesses, potential use cases, and considerations for adopting the technology.