Why are we using Blockchain for
Day By Day?
What is Blockchain?
Blockchain or “Distributed Ledger Technology” is a technology to reliably share data and logic between entities. In 2008 at the height of the Global Financial Crises blockchain technology was created. Blockchain solves the problem of sharing data in a trusted way. Imagine been able to perform a financial or business transaction without any need to trust your counterparty or any third party intermediating that transaction. That is Blockchain.
What is the Cost of Trust?
Blockchain can provide a single-source-of-truth for who-owns-what-when. This means that all parties involved can operate their business with full assurance that the shared data is always current and correct.
Businesses put an enormous amount of resources to build trust between themselves and their partners. Think about reconciliation of banking transactions, fixing of errors and all the compliance overhead between a supplier and a customer, not to mention 3rd parties that might be involved in the transaction.