Blockchain is an exciting decentralized, distributed ledger technology that has been popularised by the Bitcoin global cryptocurrency. Blockchain technology removes the reliance on a trusted third party to maintain a central ledger and whilst financial marketplaces have been the most widely used application at the time of writing, this is not the only type of transaction where it can improve business performance. Below lists the key benefits which will enable blockchain to potentially transform how business is done in the future:
Faster transaction times: in the context of financial Services and banks transactions between banks can typically take days for clearing and may be reliant on when the banks are open for business. A blockchain transaction is distributed across the network in minutes and will be processed at any time throughout the day.
Huge Cost saving for all industries: Maintaining multiple copies of the ledger across every node in the network means that the blockchain is better able to withstand attack. Even if one node was compromised by an attack, the blockchain would be maintained by every other node. In theory, this means that an attacker would need to take control of every node simultaneously in order to corrupt the ledger.
Increasing Security and Resilience. Maintaining multiple copies of the ledger across every node in the network means that the blockchain is better able to withstand attack. Even if one node was compromised by an attack, the blockchain would be maintained by every other node. In theory, this means that an attacker would need to take control of every node simultaneously in order to corrupt the ledger. This is not the case for traditional ledger where an attack on a single trusted third party could bring down the record of transactions.
Immutability and Unchangeable. This is seen as vital key benefits of blockchain technology. As changes to the public ledger are seen and verified by all the nodes simultaneously across multiple ledgers the transactions cannot easily be altered or deleted.
Privacy and User anonymity. Buyers and sellers use anonymous and unique address numbers to process the transaction. Whilst this has been criticised for giving rise to the use of cryptocurrencies in illegal online marketplaces such as Silk Road, it could be seen as an advantage if used for other purposes, for example, electoral voting systems.
Smart contracts. A blockchain may be used to distribute a smart contract across multiple parties with the execution of the contract and the monitoring of compliance with its terms being recorded across every ledger.
About this one-day Masterclass workshop:
This is a practical hands-on workshop designed for busines rather than a technical focued learners intended for learners wishing to gain an understanding of Blockchain core concepts, architecture, business efficiency and real business user cases