What COOs, CFOs, CIOs, CISOs, and other executives should understand about blockchain
Looming on the horizon, blockchain has long been seen as an upcoming disruptive technology.
Its ability to integrate and penetrate into the heart of business systems and processes makes it an innovation catalyst, efficiency accelerator, and purveyor of trust and transparency.
Traditional systems operate using a centralized database, usually with a single point of authority. Blockchain technology, on the other hand, allows for a distributed database that holds a growing number of records. Instead of existing in one place, the ledger is continually updated and synchronized across multiple computers in a network. This allows any participant in the network with the proper authorization to view the entire ledger—without relying on an intermediary or any one authority. Its processes form a chronological chain of transactions that cannot be changed without the approval of other participants. It is as if a notary is present at every transaction, and the blockchain leaves a public audit trail of all activities. As a result, all authorized parties in the network have access to a single, shared source of truth, which may foster trust across multiple sites or geographies.
But before TMT companies can access the benefits of blockchain technologies, they'll need to develop a custom-tailored approach. One that will require asking questions, like:
For answers to all of the above and more, download the report.