Tech Discovery: Blockchain 111
Blockchain?
Blockchain is an emerging technology that will usher in the second generation of the internet, vastly improving our financial applications, government services and many other areas. With benefits ranging from trust and automation to immutability and transparency, the Blockchain is the future.
Blockchain is valuable to businesses that wish to create a single authoritative source of truth and a complete audit trail for their business processes, as well as external auditors, regulators, and business clients who wish to access that data.
Benefits of Blockchain...
For Businesses
Decentralization
Trust
Automation
For Users
Immutability
Transparency
Openness
How Does Blockchain Benefit Users?
It’s simple to build a distributed system that shares data among participants. It’s harder to build a system that can be trusted by all users. And it’s even harder to build a system that can be reliably verified by external parties, such as auditors, regulators and clients. The Blockchain is a distributed system that is designed to facilitate authentication by external parties.
Ordinary systems are built on trust, making auditing and regulatory processes cumbersome and not always reliable. An ordinary client may not have the means to verify system operation.
Blockchains are built to support external auditing from the start. Modern cryptographic techniques, such as zero-knowledge proofs and multi-party computations, allow for transparency without sacrificing privacy.
Internal Advantages of Blockchain
Decentralization
Companies spend billions of dollars annually trying to secure centralized datacenters, which have famously been compromised in numerous and costly incidents.
The decentralized security model provided by Blockchain is less expensive and more balanced than the centralized database model.
Emergent trust
There is a growing lack of trust in both financial and non-financial services, greatly exacerbated in the aftermath of the 2008 global financial crisis.
The Blockchain quantifies trust and uses computing to bring people together
Automation
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What is Blockchain? Why Blockchain? Blockchain for Finance Blockchain for Government Bitcoin Applications
Why Blockchain?
Blockchain is an emerging technology that will usher in the second generation of the internet, vastly improving our financial applications, government services and many other areas. With benefits ranging from trust and automation to immutability and transparency, the Blockchain is the future.
Blockchain is valuable to businesses that wish to create a single authoritative source of truth and a complete audit trail for their business processes, as well as external auditors, regulators, and business clients who wish to access that data.h
Benefits of Blockchain...
For Businesses
Decentralization
Trust
Automation
For Users
Immutability
Transparency
Openness
How Does Blockchain Benefit Users?
It’s simple to build a distributed system that shares data among participants. It’s harder to build a system that can be trusted by all users. And it’s even harder to build a system that can be reliably verified by external parties, such as auditors, regulators and clients. The Blockchain is a distributed system that is designed to facilitate authentication by external parties.
Ordinary systems are built on trust, making auditing and regulatory processes cumbersome and not always reliable. An ordinary client may not have the means to verify system operation.
Blockchains are built to support external auditing from the start. Modern cryptographic techniques, such as zero-knowledge proofs and multi-party computations, allow for transparency without sacrificing privacy.
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