What is it?
A blockchain is both a highly secure, transparent and tamperproof database recording transactions between parties, and a computational platform for executing transactions, called smart contracts.
Why use it?
Rebuild enterprise trust, remove third-party liability and business process waste, and make the most of groundbreaking technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) and 5G mobile internet.
When to use it?
Blockchain technology is best suited when you need at least three of the following:
- Highly secure, tamper-proof data and systems
- Transparent business rules and computation
- Trusted, verifiable recordkeeping
- Unified transaction and decision-making
The way I see blockchain is just mass, scalable, secure data transfer… it’s the next version of the internet, a secure version of the internet.
Brendan Blumer, CEO Block.one
Public vs Private blockchains
Much like internet and intranet, blockchains can be public or private.
Public blockchains will redefine the internet because of the ability for anyone to read and write the blockchain and participate in the consensus process, increasing security.
In a private blockchain, an enterprise regulates everything, including writing and reading from the chain and the consensus process. Private blockchains build trust within organisations, and allows them to interact with other entities in a trusted manner, without needing expensive middlemen.
Boost efficiency. Build trust.
Blockchain enhances trust and efficiency across a business network.
Transaction settlement doesn’t require verification from a central authority, slashing transaction times from days to minutes.
The shared ledger eliminates duplication and decreases the need for oversight and third-party intermediaries, cutting down costs.
Having a shared ledger that serves as a single source of truth improves the ability to monitor and audit transactions.
Blockchain’s security features protect against tampering, fraud, and cybercrime, by ensuring members are who they claim to be, and goods and assets traded are exactly as represented.
Pure digitisation of assets streamlines transfer of ownership. Transactions can be conducted at a speed more in line with the pace of doing business.
Permissions and IDs can be used to specify transaction viewing permissions and can be expanded for special users such as auditors who may need access to more transaction detail.
Agile regulatory solutions
- Transforming traditional compliance data to immutable data sets, that regulators can fully verify and trust.
- Transparent and straight through reporting to regulatory bodies.
- Remove legacy compliance snapshots e.g. Paperwork, DVDs.
Robust and traceable dispute resolution
- Smart contracts that remove intermediary services.
- Immutable digital contract execution, for robust dispute resolution.
- Corporate filings that allow corporations to list shareholders and other corporate records on the blockchain.
Entirely new financial models
- Anti-fraud, immutable, multi-signature transaction signing e.g. enforce four-eyes principle.
- Digital money, blockchain banking and digital exchanges e.g. integrate modern-day banking with cryptocurrencies.
- Geographically locked currencies and digital asset trading.
Intricate record-keeping, tracking and tracing
- Provenance tracking via embedded sensors and RFID tags.
- Cost reduction – remove fraud, middlemen and product duplicity.
- Improves the flow of goods, security and overall compliance across many participants.
with Rewired.one. They have consistently
delivered great people that have given us
great outcomes. We highly recommend them to augment your engineers and provide sound project management.
Rewired.one helped us to retain knowledge internally with our engineering teams and get stakeholders buy-in for enterprise blockchain solutions by providing expert blockchain engineers and consultants to train us. Rewired.one really understand the benefits of blockchain in the enterprise and successfully delivered our proof of concept.
The Telos blockchain developers worked with Rewired One in the early months after launching the Telos mainnet to help augment our staff with an engineer, product manager, and solution designer to execute our arbitration portal.
The Rewired team worked under tight timelines on an innovative but demanding project that had no clear existing model to draw from.
Are you ready for the challenge?