Blockchain will do for transactions what the Internet did for information.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, a car, cash, land) or intangible (intellectual property, patents, copy- rights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
The blockchain architecture gives participants the ability to share a ledger that’s updated through peer-to-peer replication each time a transaction occurs. Peer-to-peer replication means that each participant (also called a node) in the network acts as both a publisher and a subscriber.
Each node can receive or send transactions to other nodes, and the data is synchronized across the network as it’s transferred.
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 information. Transactions are secure, authenticated, and verifiable.
The participants in both transaction systems are the same. What has changed is that the transaction record is now shared and available to all parties.
Blockchain should be a part of every business’s digital strategy. Let BRYTECH show you how.