Blockchain Technology

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Jun 12, 2018
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Blockchain technology, which offers a more decentralized approach to data management and sharing, can improve the transparency, speed, and responsiveness of these complex ecosystems by the following means:
1. Time-stamping, tracking, and automating transactions, so that events can be audited in real time .
2. Minimizing the involvement of intermediaries such as bankers, insurers, and brokers .
3. Setting up a wide range of self-executing contracts to automate repetitive processes such as billing and shipping .
4. Establishing proof of quality, provenance, payment, and performance to minimize counterfeiting and fraud .
5. Making it easier, faster, and cheaper to onboard new vendors and partners by assigning digital IDs.

The explanation of the technology promised :
A blockchain isn’t an ethereal thing out there in the universe that you can “put” things into, it’s a specific data structure: a linear transaction log, typically replicated by computers whose owners (called miners) are rewarded for logging new transactions.