Category: Tutorials

Blockchain Tutorial for Business Executives

Tutorial
Blockchain
Blockchain Applications
Private Blockchains
What Is Blockchain

Summary

This blockchain tutorial is designed to help business leaders understand what blockchain technology is, how blockchain technology solutions could be used and what potential benefits such solutions would deliver.

This tutorial also aims to stimulate visions of blockchain solutions in business and to motivate blockchain vendors to build blockchain business solutions.

Product description

Blockchain is a new technology intended to reduce costs and introduce new capabilities by streamlining and speeding up multi-party business transactions and processes. Today each participant in a multi-party transaction records transactions in their own ledger and reconciles it with information provided by the other parties. This requires significant manpower, is prone to errors and is time consuming. Transactions such as banking or stock trading where thousands of small transactions are involved this requires clearing houses Fig 1.0 to validate and process each transaction, assure security and prevent fraud.

Blockchain introduces a new way for parties which conduct business activities together to share the same transaction ledger thus reducing the duplication of effort and the cost of processing. As illustrated in Fig 2.0, in blockchain all transactions are recorded in a single ledger which is distributed over blockchain network and is shared with every business partner involved.

For each transaction to be recorded in the shared ledger, the transaction information is written into a transaction data block that is uniquely identified, sequenced, secured and validated by all parties involved. In blockchain, each business party involved in shared business activities is represented as a node on the blockchain network

Download the full tutorial here 

Author's LinkedIn Profile:     linkedin.com/in/jerrywitkowicz

Twitter:  https://twitter.com/benchmrkpro

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Contact name
Jerry Witkowicz
E-mail
jerry.witkowicz@180find.com
Phone
613 217 8200
Location
Ottawa
Company
180FIND
Published