Blockchain – one of the key technology disruptors of current times, has rapidly growing adoptions across multiple industries such as Financial Services Institutions, Healthcare, Global supply chain, Government, etc. Blockchain is transforming traditional business models, with many industry leaders gaining significant business advantages and benefits such as greater transparency, improved traceability, increased efficiency and security while reducing costs.
The key results are:
- Greater Transparency
Transaction records are becoming more transparent through the use of blockchain technology. Based on distributed ledger system, all network/compute participants share the same documentation as apposed to a centralised copy. The shared version can only be updated through consensus, while each transaction is verified by a network of computers. Data on blockchain is available to all participants who have permissioned access.
- Improved Traceability
Transactions, exchange of information and goods on a blockchain ends up with an audit trail, showing the source and every stop of its journey. Historical transaction data can help to verify the authenticity of assets and prevent fraud or unauthorized activity.
- Increased efficiency
In traditional business model, where trading anything is often time-consuming, prone to human error and requires third party mediation, blockchain has streamlined and automated processes and transactions can be completed faster and more efficiently. Since record-keeping are executed using shared distributed ledgers among participants, reconciliation of multiple ledgers is a thing of the past. In addition, when everyone has access to the same information, numerous intermediaries are obsoleted. We simply do not need them!
- Enhanced security
There are many ways in which blockchain is more secure – transactions once agreed/verified by the participants will be recorded. Such records are immutable, in the context of blockchain, means the transaction information is encrypted, and linked to previous transaction. Since such information is stored across a network of computers, instead of on a single server, this makes it very difficult for hackers to compromise the transaction data. When it comes to protecting sensitive data, blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.
CTC Global Singapore Offerings
We assist organizations to leverage blockchain technology to improve on efficiency, remodel current business practices – through our partner’s distributed middleware solution, Mint. Mint makes it easy to integrate your current business applications to blockchain technology.