what-is-blockchain

What is Blockchain?

Blockchain is a decentralized, distributed electronic database shared across a public or private network. Every transaction in a blockchain database is shared among a number of users, each one verifying that the database is accurate and preventing unauthorized transactions from being completed.

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Intro to Blockchain, by Deloitte

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  • Blockchain ensures that you are basing business decisions on accurate, reliable data by allowing you to create a verifiable digital record of every financial transaction, process, task, contract and more.

  • Each block includes a cryptographic pointer back to the previous block in the blockchain ledger, linking the blocks together. With every block, a new group of transactions are added to the ledger, and the chain of blocks grows continually in this fashion.

Benefits

A blockchain doesn’t have a single point of failure, so the network is less likely to experience downtime. If a failure does occur, each device possesses a complete copy of the blockchain, so data is never lost. Furthermore, blockchain creates an indisputable, immutable record of data that is secure and private and has been verified across the network.

Greater
Transparency

Blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network.

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Enhanced
Security

Blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

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Increased
Efficiency & Speed

Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

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Improved
Traceability

When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

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Reduced
Costs

For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain.

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How it works?

Blockchain solutions based on Hyperledger, Ethereum, and various blockchain infrastructure’s have tremendous potential to reshape multiple industries such as finance, supply chain, education, healthcare, etc,.

blockchain-programming

50+

Countries utilizing Blockchain

More governments join the race to commence projects leveraging the blockchain technology for cybersecurity & hyperconnected services while bolstering trust & accountability.

$ 12.4B

Global Blockchain Spending

Blockchain spending is now expected to reach $12.4 billion by 2022, according to IDC, with the U.S. spending more on the distributed ledger technology than any other region of the world.

Crypto Wallet or Cold storage

Cold wallet or cold storage wallet is the hardware device to store Bitcoin or other cryptocurrency offline. It is the most secure way to store cryptocurrency.

  • In the cryptocurrency space, investors who want to preserve their digital assets for a long-term investment use this cold storage concept.
  • Cold storage (aka cold wallets) means generating and storing the crypto coin’s private keys in an offline environment, away from the internet.

Crypto Wealth Management

Instead of having to manage multiple accounts & wallets, crypto asset management platforms are simplifying the process, helping users consolidate diverse holdings

  • Cryptocurrencies, however, can be esoteric and difficult to grasp for new adopters and many ordinary investors – including how to establish a wallet and transfer tokens securely.

  • As a result, crypto asset management solutions are being created to help individuals and firms alike take advantage of crypto without having to worry about the ins and outs or technical procedures involved.

Investment in Crypto funds

Blockchain exchange-traded funds (ETFs) on behalf of users own stocks in companies that have business operations in blockchain technology or in some way profit from it.

  • The blockchain ETF universe is comprised of about 5 distinct ETFs, excluding inverse and leveraged ETFs.

  • Blockchain stocks have the potential to turn into solid investments, especially when you place your money on companies developing genuine technology that can be adapted to multiple industries.