Originally developed as the technology underpinning crypto-currencies such as Bitcoin, Blockchain is causing a new tidal wave of technical progress in nearly every industry as well as in government. The concept is simple yet powerful. A Blockchain is most often described as a distributed ledger whose entries are immutable once added to the chain in accordance with a consensus mechanism. The fact that the ledger is distributed means there is no central data repository. The data exists in Blockchain itself, a series of data blocks containing the transactions. Each block of data is signed with a cryptographic digital signature. Any alteration of an existing block will result in a change to that block's signature, and thus result in the block being rejected by the consensus process.
Blockchains have high availability since each peer on the Blockchain network possesses a copy of the Blockchain data. Loss of one or more peers on the network due to a cyber attack need not disrupt the entire network of users. All transactions are cryptographically secure.
Blockchains make sense as part of a business solution when the problem involves a business network, where decentralization, transparency, immutability, high availability, and security are desirable traits.
Blockchains are giving rise to many creative solutions to problems in healthcare, logistics, and other industries. A funding model commonly employed in starting businesses to sell these solutions is the ICO or Initial Coin Offering. A key element in a successful ICO is a well written whitepaper. If you have an idea that you would like to bring to the marketplace we would like to work with you in the early stages in development of your whitepaper, as well as consult on technology decisions that will be critical to your success.
Blockchains must not be confused with crypto-currencies. Blockchain is the underlying technology used in the implementation of crypto-currencies, however they have utility far beyond that role.
Contact us for an assessment of your application to determine whether it is suited for employment of Blockchain technology.