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.
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