Blockchain Uses in Business

Blockchain for business is valuable for entities transacting with one another. With distributed ledger technology, permissioned participants can access the same information at the same time to improve efficiency, build trust and remove friction. Blockchain also allows a solution to rapidly size and scale, and many solutions can be adapted to perform multiple tasks across industries. Blockchain for business delivers these benefits based on four attributes unique to the technology:

Consensus: Shared ledgers are updated only after the transaction is validated by all relevant participants involved.

Replication: Once a block — the record of an event — is approved, it is automatically created across the ledgers for all participants in that channel. Every network partner sees and shares a single “trusted reality” of the transactions.

Immutability: More blocks can be added, but not removed, so there is a permanent record of every transaction, which increases trust among the stakeholders.

Security: Only authorized entities are allowed to create blocks and access them. Only trusted partners are given access permission.

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