Blockchain technologies for business

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WATCH RELATED VIDEO: How Can a Blockchain Help Your Business?

What is blockchain technology and how is India planning to use it?


Blockchain technology can enhance the basic services that are essential in trade finance. At its core, blockchain relies on a decentralised, digitalised and distributed ledger model. By its nature, this is more robust and secure than the proprietary, centralised models which are currently used in the trade ecosystem.

Blockchain technology creates a viable, decentralised record of transactions — the distributed ledger — which allows the substitution of a single master database. It keeps an immutable record of all transactions, back to the originating point of a transaction. This is also known as the provenance, which is essential in trade finance, allowing financial institutions to review all transaction steps and reduce the risk of fraud.

The application of blockchain also offers a far better means of establishing and proving identity than present day systems. Blockchain technology greatly simplifies the direct transfer of trade assets and increases confidence in their provenance. This is achieved through providing unique, non-forgeable identities for assets, along with an inviolable record of their ownership.

The result is an opportunity for additional financing services based on the trade of physical goods. Many people assume that blockchain and bitcoin are the same.

Blockchain is the underlying technology of Bitcoin. They are closely related, but they are not the same thing. In , Bitcoin was introduced as a type of unregulated digital currency created by the pseudonymous Satoshi Nakamoto. Blockchain was the ledger solution used to securely record facilitating the use of this new currency since there was no bank or government involved to monitor or police the transactions.

As such Bitcoin can actually be considered as the first use case leveraging blockchain technology. The confusion between blockchain and bitcoin often arises because these two concepts were introduced at the same time. Since the introduction of blockchain technology it has been extrapolated for use as a ledger solution in many other industries related to assets other than a currency.

These fields include healthcare with patient records, trade finance and owner of an invoice or purchase order, as well as insurance and who has the title to a house or car.

Bitcoin is known as a cryptocurrency and the first decentralised digital currency of its kind. It was launched as an open-source solution to work without a central repository or single administrator. Bitcoin transactions are transferred and saved using a distributed ledger on a shared network that is open, public and anonymous.

Blockchain is the underlying technology that maintains the transaction ledger for Bitcoin transactions. The blockchain technology as for example the one used for Bitcoin allows for the recording of transactions on a distributed ledger across a network of users.

The open-source technology allows for the storage of data from the transactions into blocks. Each block includes a time-stamped record of the transactions with each block linked to the previous one, thus creating a chain. The information stored on the blockchain is fully transparent and permanent without the ability to change or remove previous transaction data from the distributed ledger. This characteristic and solution can be used to solve many inefficiencies in different applications and industries.

Whilst blockchain is an excellent choice for a digital currency, it can be used to keep a trusted audit train of ownership of a vast range of asset types. These can be both intangible e. This makes for a highly diverse choice of blockchain applications for multiple sectors and institutions — including Marco Polo Network formerly known as TradeIX focusing on the trade finance industry with dedicated solutions leveraging blockchain technology.

This statement is partially correct. Some public blockchain are open, though others are private accessible only to specified users. The use case will determine which type of blockchain is needed. There are basically three types of blockchains. In a public blockchain, a user can become a member of the blockchain network. This means they can store, send and receive data after downloading the required software on their device.

Allowing anyone to read and write the data stored on the blockchain as it is accessible to everyone in the world. A public blockchain is completely decentralised. The permissions to read and write data onto the blockchain are shared equally by all connected users, who come to a consensus before any data is stored on the database. The most popular example of a public blockchain is Bitcoin. The digital currency allows users to use a platform for making transactions directly between them.

In a private blockchain, permission to write, send and receive data is controlled by one organisation. Private blockchains are typically used within an organisation with only a few specific users allowed to access it and carry out transactions.

The organisation in control has the power to change the rules of a private blockchain and may also decline transactions based on their established rules and regulations. An example of this is a blockchain deployed by a corporation to collaborate with other divisions or a few permissioned participants. A consortium blockchain, also called permissioned blockchain can be considered as a hybrid model between the low-trust offered by public blockchains and the single highly-trusted entity model of private blockchains.

Instead of allowing any user to participate in the verification of the transaction process or on the other side just allowing one single company to have full control, in a consortium blockchain a few selected parties are predetermined.

It only allows a limited number of users the permission to participate in the consensus process. For example, imagine a group or network of ten banks, each of which is connected to the blockchain network. In this example, we could imagine that for a block to be valid, seven of the ten banks have to agree. Although there is some degree of centralisation in this structure, users can grant permissions to read or write to other users. This leads to the partially decentralised design of consortium blockchains.

Similar to private blockchains, the consortium blockchains keep the privacy of the data, without consolidating power within a single organisation. People often think that all their information and transaction details posted on to the blockchain are public, based on the fact that the distributed ledger is public. This is not correct. Though visibility depends on different use cases and the technology deployed.

Narrowing the scope to this question — for business to business purposes, all transactions are private and only visible with the appropriate permissions. A company leveraging a blockchain to distribute data to their suppliers does not mean his competitors can see his suppliers or what they are buying.

It is all private and secure and the suppliers only see the data the buyer has permissioned them to see. Whilst some transactional information can be made public, what is stored on the distributed ledger is nothing more than the amount of the transaction and a hash. The hash is a code generated by running the actual transaction details through a cryptographic method.

Therefore, it is impossible to have access to more information on the transaction. The term blockchain is most often used to describe a ledger technology, not a specific product or solution. A blockchain solution will have the same common denominators such as being distributed and underpinned by cryptography and having some form of consensus mechanism.

However, there are various blockchains that come in public, permissioned or private versions. Today, there are dozens of different protocols, considered as blockchains and can be classified as distributed ledger technologies.

Some are similar while others differ greatly from one another. Each blockchain solution will have specific advantages and disadvantages for the specific use, different use cases and applications. The term Smart Contract is misleading. Smart Contracts, which was first introduced as a term by cryptography researcher Nick Szabo in are basically scripts or software codes written by developers and deployed onto a blockchain. They are written as transaction instructions usually triggered by events.

Thus, automatically by companies updating shipments and receipts Smart Contracts can automatically perform tasks. This eliminates the need to manage time consuming and costly manual business processes. A smart-contract is a digital program that automates the execution of business logic, obligations, and agreements. A smart-contract can be used to represent almost anything- an electronic warehouse receipt, a bond, an invoice, a unit of electricity, a unit of currency, a futures contract, a share of risk, and much more.

These cryptographically unique assets can be created, traded, and settled in real time by users on the network. Each smart-contract can be written to include almost any type of business logic. This business logic can be enforced automatically in accordance with the terms and conditions of the agreement.

As inputs occur, the contract responds by executing any type of obligations or conditions mandated by the logic of the contract. As mentioned, Smart Contracts are typically not legal agreements. However, they can execute terms based on prior or separate agreements between parties. In addition, since legal agreements tend to follow a logical format such as if-this- then-that, similar to code, paper-based agreements could be replaced with computer-based programs which automatically execute the terms of a contract.

Therefore, Smart Contracts play an important role in operating blockchain models. Specifically where processes between different parties can be automated by using automated rules, embedded smart contracts, thereby fulfilling the contractual intentions of parties with speed, clarity and efficiency.

First blockchain is a real technology available today. Currently, blockchain is being tested with proof on concepts POCs in many different industries and regions around the world.

Also keep in mind this is still early days for this technology. Several blockchain providers, like IBM and R3, released version 1 of their solutions in So, this is all very new and emerging right in front of us. Indeed, blockchain has become arguably an overused term and covered daily in multiple media and press outlets. This does not mean that it is just a buzzword as the investment numbers speak for themselves. The investments in the technology and emerging companies are aligned with the potential efficiency gains for financial institutions.

Leading professional services company Accenture formed a strategic alliance with Marco Polo Network formerly TradeIX in late , having identified Friend's Email Address. Your Name. Your Email Address. Send Email. Latest Insights.



10 Ways to Embrace Blockchain for Business Transformation

This is the second story in a series on blockchain for business. Companies and entire industries are exploring blockchain applications to enhance the ways they do business. These projects are increasingly common, although the majority of them are still in the testing phase. Shell, for example, is working with technology and finance partners on a platform for the trade and settlement of crude oil. Walmart used blockchain to create a food traceability system , insurance giant AXA now offers flight insurance via blockchain technology , and Facebook is using blockchain to build a cryptocurrency, Libra , which will allow users to buy and sell products from participating merchants and send payments across its platform. Facebook is using blockchain to build a cryptocurrency, Libra. CB Insights cited a whopping 55 major industries blockchain could transform in the coming years.

According to Harvard Business Review: “ With blockchain technology, the core system that underpins bitcoin, computers of separately owned.

Benefits of Blockchain: A Business Sector Perspective

Blockchain is ready for business. Everyone is talking about blockchain. Businesses are benefiting from the use of blockchain in healthcare, supply chain, and many other industries. It has the potential to bring trust and transparency to interactions across business and societies. But it can be hard to know where to start. Our blockchain specialists can help. Blockchain is one of the most exciting technologies to emerge in years. The possibilities are incredible, the use cases are everywhere and they reach across multiple sectors. Blockchain is the real deal. Blockchain is a great enabling technology that can solve problems affecting all organisations.


A Guide to Blockchain Technology for Business

blockchain technologies for business

A business is a good venture when effective strategies are applied to gain tangible results. Many times, businesses especially small businesses , are often after more effective ways of serving their customers and providing them with improved services. Blockchain is a medium that can be utilized by these companies to raise capital and even serve their customers better. As small businesses seek efficiency and better ways of serving customers, blockchain can especially be useful for these companies in raising capital and conducting relevant transactions. This is not necessarily valid; blockchain technology can be incorporated by small businesses for online and digital-first business transactions.

New trends and developments have hit the business world from all sides in recent years. In an age of widespread digital transformation , strategic decisions about how business processes are arranged and integrated into functioning business models are essential if companies are to survive.

Executive Master's in Global Business with Blockchain Technology Degree

Blockchain technology was initially created as a decentralized and distributed public ledger for cryptocurrency transactions — but its power extends much further. Today it is set to become a real game changer in the manufacturing industry. In a blockchain, digital transactions are securely recorded in a sequential chain that utilizes cryptographic digital keys authenticated by the network. Information, once entered, is extremely difficult to change by anyone else in the chain. The beauty of blockchain is that any document that requires independent verification and recording can be inserted into the chain. This is where its potential was spotted for streamlining and securing areas of manufacturing such as smart contracts, supply chain and asset tracking.


Blockchain

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time.

Essentially, blockchain technology consists of a distributed ledger, like a Google Document that is accessible by those who have permission to a given.

How Organizations Are Leveraging the Blockchain Technology

We will mention below the benefits of blockchain that hugely influence the reality of lots of industries. Certainly, all this situation leads to new business opportunities in relation to security, advanced accountability, higher efficiency, and transparency. What You Should Know about Blockchain. What Blockchain is Primarily for.


Blockchain and Business: Applications and Implications

RELATED VIDEO: How the blockchain is changing money and business - Don Tapscott

After the Bitcoin cryptocurrency phenomenon that was blasted across news networks for weeks, many people began wondering, what is blockchain technology? What is blockchain? These are the two main components of the tech—it uses a decentralized network and creates a highly secure ledger. Cryptography refers to the way that a program is coded, and in terms of blockchain, cryptography allows users to complete a transaction without requiring authorization elsewhere in the chain. Once the transaction is processed securely and verified, it becomes a permanent part of the ledger, linking that chain together.

Everything Blockchain, Inc. This is the second acquisition Everything Blockchain has made in the last three months.

The Benefits of Using Blockchain Technology for Business

Even though blockchain technology was originally created as a ledger system for bitcoin to operate on, using it for areas other than cryptocurrency has become increasingly popular as of late. The transparency and security provided by blockchain technology is challenging innovation in a variety of businesses and is being applied in fields that include accounting and finance, supply chain management, and education. With the ability to perform such tasks as tracking fraud and securing the distribution of medical records, this technology is key to the advancement of many industries. The Research Anthology on Blockchain Technology in Business, Healthcare, Education, and Government is a vital reference source that examines the latest scholarly material on trends, techniques, and uses of blockchain technology applications in a variety of industries, and how this technology can further transparency and security. Highlighting a range of topics such as cryptography, smart contracts, and decentralized blockchain, this multi-volume book is ideally designed for academics, researchers, industry leaders, managers, healthcare professionals, IT consultants, engineers, programmers, practitioners, government officials, policymakers, and students. Offer does not apply to e-Collections and exclusions of select titles may apply.

The Top Advantages Of Blockchain For Businesses

The proliferation of sophisticated e-commerce platforms coupled with mobile applications has ignited growth in business-to-consumer B2C commerce, reshaped organizational structures, and revamped value creation processes. Simultaneously, new technologies have altered the dynamics of brand marketing, enabling a broader reach and more personalized targeting aimed at increasing brand trust and enhancing customer loyalty. Today, the Internet allows marketers to penetrate deeper into their existing markets, create new online marketplaces and to generate new demand.


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