Block-chain is basically a distributed and shared database of transactions that facilitates exchange of value. It's like a giant global spreadsheet which eliminates the need for third parties to validate transactions, reducing intermediary fees and increasing transparency.
The Journey - As per current rate of evolution, Blockchain solutions could reach their full potential in the next 5 years.
Blockchain for business :
- Append-only distributed system of record shared across business network
- Business terms embedded in transaction database & executed with transactions
- Ensuring appropriate visibility; transactions are secure, authenticated & verifiable
- Sand Box Environment
- POC for multiple use cases.
Target Use Cases
- Land Records
- Insurance Companies