| |November 20178CIOReviewBy Sajal Singhal, Associate Vice President - Engineering, GlobalLogic Indiahe Blockchain is an in-dubitably intelligent in-vention; it is the resolu-tion to a question we've been asking since the advent of the internet age ­ how to have peer-to-peer trans-actions, without involving an inter-mediary. Blockchain technology cre-ated the backbone for a new type of internet. Don & Alex Tapscott, author of Blockchain Revolution (2016) said, "The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value." Erudition held on a Blockchain exists as a shared -- and at-times regulated database. This is a way of using the network that has distinct benefits. The Blockchain data-base isn't stored in any single location, meaning the records it keeps are truly public and easily provable. The basic tenets of Blockchain ­ shared ledger, smart contracts, trust and immutabil-ity - lend themselves as a strong foun-dation for disruption in varied set of industries. I am yet to come across an industry that can potentially not be disrupted by using these principles of Blockchain. Think about Blockchain as a dis-tributed database that maintains a shared list of records. These records are called blocks, and each encrypted block of transactions contain the his-tory of every block that came before it with time stamped transaction data down to the second. In effect, chain-ing those blocks together. One of the most important con-cept of Blockchain, and which is also at the core of the most prominent implementation of Blockchain ­ Bit-coin, is transfer of value. Transferring of value from one party to another through software alone, without any human intervention, is in itself revo-lutionary. This concept can be utilized by many industries, not just for re-cording transfer of value, but also for tracking the history of transactions. It opens numerous possibilities ranging from fraud prevention (by virtue of finding the genuineness of a product by tracking its journey from origina-tion to final ownership), to supply chain management. When combined TBlockchain ­ Infinite Possibilities yet Two Choices The basic tenets of Blockchain - shared ledger, smart contracts, trust and immutability - lend themselves as a strong foundation for disruption in varied set of industriesIN MY OPINION
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