Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust.
An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Blockchain is important to businesses because a business runs on information. The faster it’s received and the more accurate it is, the better.
Many financial analysts believe blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members.
A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.
The advantages for organizations in using blockchain are considerable. For one thing there’s enhanced security. Consensus on data accuracy is required from all network members, and all validated transactions are immutable because they are recorded permanently. No one, not even a system administrator, can delete a transaction.
There are also more efficiencies. With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated. And to speed transactions, a set of rules — called a smart contract — can be stored on the blockchain and executed automatically.
The trust factor is also key. With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data, and that your confidential blockchain records will be shared only with network members to whom you have specifically granted access.
Want to learn more? Tonex offers a 5-day Blockchain Mini MBA program that addresses the blockchain technology, business, leaderships, tools, and concepts that can help effectively manage development and provide a guidance to improve business decisions.
Tonex also offers several more Mini-MBA programs:
For more information, questions, comments, contact us.