Blockchain is an immutable shared ledger that streamlines the process of recording transactions and tracking assets on a business network. Assets can be tangible assets (housing, automobiles, cash, land) or intangible assets (intellectual property rights, patents, copyrights, brands). Virtually everything of value is tracked and traded on a blockchain network, reducing the risk and cost of everything involved.
The Importance of Blockchain:
Businesses run on the basis of information. The sooner you receive it, the more accurate and better it is. Blockchain is ideal for communicating information because it provides instant, shared, and fully transparent information stored in an immutable ledger that only authorized network members can access. Blockchain networks can track orders, payments, accounts, and production. In addition, because members share a single trusted view, users can view all the details of transactions end-to-end and receive new efficiencies and opportunities with greater reliability.