Steve Bryen, senior technology evangelist at Amazon Web Services, identifies new ways in which blockchain is enabling business
How can blockchain be used in various industries?
Blockchain is a distributed ledger technology (DLT) that helps to simplify transactions and conduct efficient, secure interactions with multiple independent parties around the globe, all without the need for a third-party intermediary. These transactions can vary within business, from sending anything from farm data, to banking and contract transactions.
As the world becomes more interconnected, opportunities for companies and individuals to interact and transact across borders, time zones, and channels grow quickly. To make sure that these transactions run smoothly, proactive management – specifically to ensure the minimisation of cost, lowering of risk, and the elimination of inefficiencies – is needed.
Blockchain technology basics: distributed, trusted, secure, immutable, and scalable
Blockchain technology works by establishing a peer-to-peer network where each participant maintains a database — a ledger — of all the network’s transactions. Compiled into ‘blocks’, transactions are then linked together using cryptographic hashes, forming a ‘chain’. The cryptographically connected blocks create an underlying data layer that provides a common, unified view of information for parties who can access the data. This gives organisations a new way of establishing trusted business networks.
Demystifying blockchain to reveal its business benefits
Mention blockchain to CTOs and technology leaders, and their reply will probably include epithets such as – “has potential”, “experimental platform”, and the dreaded, “still in its infancy”. To paraphrase Star Wars Jedi master Yoda, “Shrouded in mist are the business benefits of blockchain technology”. Atlas City CEO and co-founder Darren Oliveiro-Priestnall…