Definition
- Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust. Discover why businesses worldwide are adopting it.
- ·Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Blockchain’s core value proposition
Blockchain can increase privacy, enhance trust and remove friction within a business network, but its core value proposition rests on two key elements: the verified origin of data and trusted processes, such as workflows.
- Verified origin of data: While blockchain doesn’t guarantee data veracity, it does make it clear who put what data onto the ledger and when.
- Trusted processes, such as workflows: Blockchain creates the ability to track each step in a workflow so that permissioned parties can understand and track how data flows through the process.
Blockchain’s value proposition also hinges on providing consensus, provenance, immutability & finality to participants’ data in a business network.
Why Blockchain Technology is important
- Business runs on information. The faster it’s received and the more accurate it is, the better.
- 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.
Key Benefits of Blockchain
1. Greater Trust | 2. Greater Security | 3.More Performance & Efficiencies
The real long-term potential of blockchain lies in its ability to help organizations under below three criteria’s as follows:-
- Exploit the immutability and provenance of shared data.
- Transact data broadly with one another.
- Retain privacy and security for data.
Procedure to determine Blockchain fit in to the System –
- Aligning blockchain’s value proposition to your solution is an iterative process
Consider below touch points in real time perspective
- Do multiple parties need to share trusted data without a central authority?
- Do parties need to transfer assets between each other?
- Do participants need privacy?
- Do participants need a greater trust?
Blockchain for business is a team effort
Steps involved in Blockchain in Business / Enterprise Blockchain Project handling is as follows
- Identify your Business Problem
- Form your ecosystem
- Design your Business Model
- Choose your Governance Model
- Consider legal matters
- Start building your Blockchain Solution