Blockchain

Build an Internet of Value with Blockchains

Blockchain, the technology underlying bitcoin, is a distributed ledger that facilitates transactions among participants in a network without a trusted intermediary. Heralded as the most important innovation since the Internet, blockchain has great potential for application not only in financial services but also in a wide range of business contexts where value transactions occur. Show More

Distributed Data Storage

On a blockchain, data is distributed across participants over a peer-to-peer network, and not on a single server. Each node in the network continuously records, time-stamps, and stores transactions chronologically in a blockchain.

Distributed Consensus

In a blockchain-powered network, participants authenticate the accuracy of the ledger and approve transactions through consensus. Consensus is achieved by means of different algorithms, and not by trust.

Smart Contract

Entities in a blockchain can draw up virtual contracts and automate their enforcement through computer protocols. These smart contracts can be applied for transacting any kind of value without the risk of tampering.

Proof of Work

Blockchain addresses the risk of tampering through proof of work—a piece of data that is computationally difficult to produce but easy to validate. Proof of work replaces the trust of a central authority with trust by computation. Show Less

Leading Implementations of Blockchain

Public and Private Blockchains

Unlike public blockchains, such as bitcoin, which are accessible to any user, private blockchains restrict access to a few approved users. As private blockchains do not require proof of work for participation, the computational overhead is lower compared to public blockchains and are suitable for internal use by organizations.

Blockchain Applications

Financial Services

Without a central authority to verify transactions, settlements can be made faster and cheaper using blockchain technology. Blockchain also simplifies logistically complicated cross-border transactions involving different types of financial assets.

Internet of Things

The centralized architecture of the current crop of IoT platforms is being reinvented with the help of blockchain technology to facilitate decentralized and autonomous interaction between devices, towards building a more cost-efficient and trusted IoT.

Healthcare

A consolidated and easily transferable secure record of health data is a potential blockchain-based innovation in healthcare. A shared data infrastructure provides interoperable access to health data, leading to better clinical decisions.

Retail Industry

Premium products, such as electronics, can be tracked from their point of origin using digital tokens to protect them from counterfeits in the supply chain. Easily redeemable multi-brand loyalty program based on blockchain technologies is another emerging use case.

Warranty Service

Warranty details of products purchased can be stored on a blockchain in a trusted and globally accessible manner. Warranty service providers can easily look up this information before they provision the service, sparing customers the hassle of registration and paperwork.

Is there a blockchain use case in your business?

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