Blockchain for Business 101

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Blockchain for Business 101 – What is Blockchain?

Blockchain is a distributed ledger technology distributed Ledger’s have been in I Nam in the history of mankind since Medici days so if you think about credit and debit think about making lists these are examples of distributed Ledger’s so blockchain technology is a distributed ledger technology with security thrown in now is blockchain all

Hype well let me share some statistics with you about a billion and a half worth of investments have been made in blockchain since 2014 it’s growing year to year at about 60% in terms of spend and McKinsey its tomates that about hundred billion dollars in savings can

Be achieved just in the finance and insurance industry by adopting blockchain so this blockchain hype it is actually a hyper growth market right now blockchain is not Bitcoin bitcoin is both a payment system and a digital currency the underlying infrastructure that enables such a payment system and digital currency is blockchain so what

Is blockchain blockchain is a ledger that enables individuals organizations to exchange something of value now a common example is Bitcoin which is we call public blockchain but many organizations adopt what is known as permissioned blockchain the ability to select members who would participate in a network to transact certain things of

Value popular example is Walmart and it’s food safety network in this example Walmart working with their partners have created a network where their partners can exchange information that records the provenance or ownership of where the food was sourced how it got shipped how it got inspected and how it reached the

Shores and went to retails so this supply chain with critical partners a multi-party multi legal system establishing provenance showcasing transparency done in a secure way is an example of blockchain for business as we work with customers what we are observing in the marketplace is the core fundamentals of blockchain around

Disintermediation that is eliminating the need for certain central authorities to drive value faster cheaper better you know is the promise of blockchain however organizations are beginning to look at blockchain as an evolutionary aspect that is they almost think about it as a better business process management mechanism that will allow

Them to deliver value in you know faster from days to minutes cheaper from millions of dollars of investment to perhaps you know hundreds and thousands of dollars of investment and lower risk from both governance point of view and security point of view so there are minimal breaches so organizations are

Looking at blockchain as a better business process initially as they do their pocs but they also are looking at new business models that will enable them to gain that competitive advantage disrupt themselves in some cases and deliver significant new value for their businesses and their customers