Blockchain 101
Business processes across a value chain result in multiple transactions across multiple systems, generally all running on different systems. This increases the administrative burden to keep all of these systems reconciled and accurate. Having multiple systems and varying versions of accurate data, increase the risk of fraud and error.
Blockchain gives us the to have a trusted and shared version fo the truth that reconciled across all systems and participants of the value chain, reducing risks for everyone within the blockchain network
What is a blockchain?
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A shared set of records across all participants of a network;
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Records are tamper-proof;
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Additional records can only be added if all participants of the network agree to its accuracy;
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Records are added in the form of a block;
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Block (records) are sequentially linked to the previous creating a chain, enabling a tamper-proof audit trail of all prior records - Blockchain.
