Description

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A blockchain is “a distributed database that maintains a continuously growing list of ordered records, called blocks.” These blocks “are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

As explained by Wikipedia, “Blockchain was invented by Satoshi Nakamoto”—the pseudonym of an unknown person or persons—“in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin… [which] made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server.”

While blockchain is still largely confined to use in recording and storing transactions for cryptocurrencies such as Bitcoin, proponents of blockchain technology are developing and testing other uses for blockchain, including these:

Blockchain for payment processing and money transfers. Transactions processed over a blockchain could be settled within a matter of seconds and reduce (or eliminate) banking transfer fees.
Blockchain for monitoring of supply chains. Using blockchain, businesses could pinpoint inefficiencies within their supply chains quickly, as well as locate items in real time and see how products perform from a quality-control perspective as they travel from manufacturers to retailers.
Blockchain for digital IDs. Microsoft is experimenting with blockchain technology to help people control their digital identities, while also giving users control over who accesses that data.
Blockchain for data sharing. Blockchain could act as an intermediary to securely store and move enterprise data among industries.
Blockchain for copyright and royalties protection. Blockchain could be used to create a decentralized database that ensures artists maintain their music rights and provides transparent and real-time royalty distributions to musicians. Blockchain could also do the same for open source developers.
Blockchain for Internet of Things network management. Blockchain could become a regulator of IoT networks to “identify devices connected to a wireless network, monitor the activity of those devices, and determine how trustworthy those devices are” and to “automatically assess the trustworthiness of new devices being added to the network, such as cars and smartphones.”
Blockchain for healthcare. Blockchain could also play an important role in healthcare: “Healthcare payers and providers are using blockchain to manage clinical trials data and electronic medical records while maintaining regulatory compliance.”

What are the business benefits of blockchain?
The primary benefit of blockchain is as a database for recording transactions, but its benefits extend far beyond those of a traditional database. Most notably, it removes the possibility of tampering by a malicious actor, as well as providing these business benefits:

Time savings. Blockchain slashes transaction times from days to minutes. Transaction settlement is faster because it doesn’t require verification by a central authority.

Cost savings. Transactions need less oversight. Participants can exchange items of value directly. Blockchain eliminates duplication of effort because participants have access to a shared ledger.

Tighter security. Blockchain’s security features protect against tampering, fraud, and cybercri