Blockchain, the industry’s talk, is foreseen as the future for transaction what the internet did for information. The information is the data as processed, stored, or transmitted, whereas transaction is the exchange of virtually anything of value. The action of conducting business exchange is by buying and selling anything of value; that is a business deal, demands strong security guarantees than ever before. The blockchain is fit for purpose. For companies and individuals, the blockchain enables peer-to-peer shared, immutable, distributed ledger infrastructure that facilitates the process of recording transactions and tracking assets. The best of all, it is distributed helps to reduce cost by disintermediation of a centralized institution.
The Blockchain is a shared, distributed ledger that facilitates recording transactions and tracking assets in a business network. An asset can be tangible — a house, a car, cash, land — or intangible like intellectual property, such as patents, copyrights, or branding. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs. The decentralized applications built on top of blockchain infrastructure can help organizations create new businesses with the enormous potential to shift profits positively.
Like the internet, the promises made by blockchain can only be possible with assisting technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), all of which are forming the next generation of the internet for a variety of vertical industry use cases. The blockchain will provide the technology to securely perform and store transactions in a distributed network while others offer their benefits.
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