In the history of civilization, foundation of business rests on ‘Trust’. Though ‘Data’ is fundamentally transforming how value is created, captured, and distributed but the need of establishing ‘Trust’ between owners of ‘Data’ is very important priority in this new innovative world.
Blockchain technology can be used to establish ‘Trust’ between multiparty environment. Fundamentally this technology allows the data to be shared but not copied. It is a fundament of digital currencies.The data among the network is distributed in blocks and such a distributed ledger is Decentralized, Transparent and Invariable. This way of data distribution raises its quality, safety, and resistance tomodification.
For a long time, blockchain was a domain of Bitcoin and other digital currencies. Because of its features, this technology is one of the best protections for the monetary and identity data. Gradually, it has started gaining more presence in the other branches of business. The most prominent reasons of all are‘Trust’ and ‘Safety’.
In short, Blockchain enable enterprises to reshape the market landscape across suppliers, buyers, new entrants, governments and regulators.
The value derived from a shared, immutable, transparent ledger is applicable across the value chain and can be categorized as:
- Enhanced operational efficiencies in multi-party exchanges
- Improved traceability affecting risk, compliance and penalties
- Potential revenue stream via new services powered by analytics