Blockchain makes data more trustworthy and transparent, a necessity in the digital age.
Blockchain is a transformative technology that is finally starting to live up to its promises. Already, the technology’s use in cryptocurrency has been heralded, and with many more uses still to be explored, we can only begin to estimate its burgeoning potential.
Blockchain is disruptive and forward-looking. It is already used by major organizations to track and trace items in supply chains, automate customs clearances, and facilitate financial transactions.
Hundreds of other potential applications are on the horizon for thousands of businesses, activists, consumers, and governments alike.
Key challenges organizations are facing to adopt the blockchain technology
- Trust the technology
- Understand how blockchain can create value
- Demonstrate quick wins to drive funding and adoption
Foundational Elements of Blockchain Technology
Distributed ledger: Data is stored in blocks that are held together by chains. The transactions are replicated on multiple nodes on the blockchain. This ensures transparency and resilience.
Digital signatures: Robust encryption mechanisms that prevent altering of data retroactively. This promotes confidence and trust.
Trustless mechanism: A consensus driven authentication mechanism involving multiple nodes on the blockchain. This eliminates the need for a broker as a validator in a transaction.
Smart contracts: Software coding can be embedded to trigger certain contractual obligations automatically based on internal or external triggers
We help organizations by not only helping them to understand how blockchain can accelerate their digital journey but also support them in the end-to-end implementation and early adoption. We do this using our feasibility analysis toolkit, dedicated blockchain workshops, identifying use cases, rapid prototyping along with socialization and change management.