Blockchain for Business

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. With traditional methods for recording transactions and tracking assets, participants on a network keep their own ledgers and other records. This conventional method can be expensive, partially because it involves intermediaries that charge fees for their services. It’s inefficient due to delays in executing agreements and the duplication of effort required to maintain numerous ledgers. It’s also vulnerable because if a central system is compromised due to fraud, cyberattack, or a simple mistake, the entire business network is affected. Business networks also use blockchain. The blockchain architecture gives participants the ability to share a ledger that’s updated through peer-to-peer replication each time a transaction occurs. The blockchain network is economical and efficient because it eliminates duplication of effort and reduces the need for intermediaries. It’s also less vulnerable because it uses consensus models to validate the information. Transactions are secure, authenticated, and verifiable.

Through blockchain, the key business benefits like Time savings, Cost savings, Tighter security, Enhanced privacy, Improved auditability and Increased operational efficiency can be recognized.

This lecture aims to be a comprehensive discussion platform which enables the readers and the authors to understand the new space fully and empowers them to make correct fully-informed decisions. They will be able to see new business opportunities before others do. Moreover, they will get a new perspective on decentralized economic systems, which are expected to play a huge role in the future.