Blockchain is a shared, immutable ledger for recording the history of transactions. It fosters a new generation of transactional applications that establish trust, accountability, and transparency from contracts, to deeds, to payments.
Blockchain technologies present opportunities for disruptive innovation. It enables global business transactions with less friction and more trust.
To define the technology landscape for Blockchain, we need to understand the areas that Blockchain impacts in order to implement immutable transactions.
Here are the areas:
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Audit and compliance requires a record of all transactions over a reporting period, even though financial data in a large organization is dispersed throughout many divisions and countries.
Blockchain records transactions from a diverse set of financial systems and sources with tamper-proof qualities that create a common, trusted financial audit trail that becomes the single source of truth. Privacy features ensure authorized user access.
Competitors and collaborators in a business network need to share reference data (for example, bank routing codes). However, each member maintains their own ledger and must forward to a central authority for collection and reconciliation.
Blockchain provides a secure, shared record of the contract status which is automatically updated as the purchase and delivery progresses. It is available to all parties in the agreement, including their banks and partners. The distributed ledger creates a common view of the entire data set.
Tracing the origin and movement of parts through a complex supply chain (for example – manufacturer, components and original sources of the parts that make up a vehicle) is challenging and prone to error.
Blockchain allows all members of the supply chain to track movement in a common, transparent and accessible record, enabling much quicker forensics in case of a recall.
Anytime someone talking about Blockchain, default thought in our mind is Cryptocurrency like Bitcoin, Ethereum etc.
So, how Blockchain works in the financial services space for cryptcurrencies?
Lets see below steps to understand a Cyptocurrency transaction between two people Rob and John.
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