Blockchain is a peer-to-peer network mechanism that connects multiple unrelated participants, allowing them to come to a consensus around a single ledger. Blockchain enables participants to communicate, transact, and compute without the need for trust between the participants, and without depending on a central authority for validation. This makes it possible to create unique and unforgeable digital assets, and transact with them securely and efficiently.
A blockchain records details of all transactions or events that have occurred within a network. An event can be triggered by the exchange of value between parties or by any business process that requires a smart contract. A smart contract is a computer program that is deployed onto a blockchain that enables the predictable execution of business logic via software code across all participants in a network.
On a pre-set basis, the details of the event are captured and aggregated in a block of data, and linked to previous transaction details.
The legitimacy of the content of the block is validated by the network, and once consensus is achieved, the ledger is automatically updated.
Contracts execute logic with minimal outside intervention, without requiring a central authority
Once deployed, network participants can confidently predict the result of a smart contract's execution, based on the inputs and any subsequent criteria
Network participants can confirm that the smart contract performed exactly as intended
Blockchain can solve many complex computing problems, but in some cases traditional systems are most appropriate. We’ve developed a framework to help you understand if your business problem can be addressed by using blockchain technology.
Does the use case require multiple participants interacting, each in their own best interest?
Does the use case require persistent data storage that all members can access and add to?
Does the use case require the transfer of valuable assets or sensitive data between members?
Does the use case rely on defined inputs and objective criteria leading to predictable process outcomes?
If this sounds applicable to your business processes, a blockchain solution may be appropriate. Take a look at our applications page for ideas and suggestions on how to start the journey of developing a distributed application.
For organizations to fully capture the value of blockchains we emphasize the importance of having a solid foundational understanding of the technology throughout the entity. We provide support to the highest levels of leadership, business process teams, and the developers that translate ideas into concrete applicationsConnect