Why Blockchain?

Your data is sensitive and crucial, and blockchain can significantly change how you view your critical information. By creating a record that can’t be altered and is encrypted end-to-end, the blockchain helps prevent fraud and unauthorized activity.

You can address privacy issues on the blockchain by anonymizing personal data and by using permissions to prevent access. A network of computers, rather than a single server, stores information, making it difficult for hackers to view data.

Without blockchain, each organization has to keep a separate database. Because blockchain uses a distributed ledger, it records transactions and data identically in multiple locations.

All network participants with permissioned access see the same information at the same time, providing full transparency. All transactions are immutably recorded, and are time- and date-stamped. This capability enables members to view the entire history of a transaction and virtually eliminates any opportunity for fraud.

Blockchain creates an audit trail that documents the provenance of an asset at every step on its journey. In industries where consumers are concerned about environmental or human rights issues surrounding a product—or an industry troubled by counterfeiting and fraud—this helps provide the proof. 

With blockchain, it is possible to share data about provenance directly with customers. Traceability data can also expose weaknesses in any supply chain—where goods might sit on a loading dock awaiting transit.

Traditional paper-heavy processes are time-consuming, prone to human error, and often requires third-party mediation. By streamlining these processes with blockchain, you can complete transactions faster and more efficiently.

You can store documentation on the blockchain along with transaction details, eliminating the need to exchange paper. There’s no need to reconcile multiple ledgers, so clearing and settlement can be much faster.

“Smart contracts” can automate transactions, further increasing your efficiency and speeding up the process. After the pre-specified conditions are met, it automatically triggers the next step in the transaction or process.

Smart contracts reduce human intervention and reliance on third parties to verify the fulfillment of the contract terms. In insurance, for example, after a customer has provided all necessary documentation to file a claim, the system automatically settles and pays the claim.