A blockchain is an incorruptible digital distributed ledger that records transactions sequentially, as those transactions take place. Transactions are time-stamped and recorded on the network and the validity of transactions is vouched for by network participants. Subsequent transactions are added to the ledger only if agreeable to all network participants. The result – a continuous, consensus-based mechanism that guards against manipulation and errors, and ensures data fidelity.
• Consensus-based: Blockchain transactions can only be executed if all the network participants unanimously approve it. This ‘consensus’ based functioning can be changed to suit business needs.
• Time-stamped: Each block that stores information pertaining to a transaction is irreversibly time-stamped.
• Chronological: Each block links to the previous block in the same transaction and these connected blocks create a chain providing a chronological trail of the transaction.
• Encrypted: Blocks are cryptographically sealed in the chain, and cannot be edited, deleted, copied or inserted int the network again. This ensures significantly high levels of data fidelity and trust.
• No single point of failure: In the event of the failure of some network participants, the other participants continue to operate, ensuring no disruption or failure.
• Eliminates a centralised authority: Participants independently validate information without a centralized authority.
And how does Blockchain technology impact industries?
• Digital identity
• Fraud detection
• Smart contracts
• Peer-to-peer payments
• Credit underwriting
• Settlement and clearance
• Securities tokenisation
• Fundraising and ICOs
• Vendor agreements
• E-Commerce marketplaces
• Trade finance
• Consumer data and privacy
• Loyalty points management
• Product origin authentication
• Counterfeit prevention
• Smart energy grids
• Decentralised energy data platforms
• Metering systems
• Storage of healthcare records
• Counterfeit drug prevention
• Health insurance fraud detection
• Supply chain traceability
• IoT integration in drug manufacturing
• Citizen digital identities
• Tamper-proof voting systems
• Asset ownership systems
Chrysalis’ Blockchain capabilities cover the following areas:
• Blockchain Consulting Services
• Initial Coin Offering (ICO) Research and Development
• Deployment of Smart Contracts and Tokens
• Cryptocurrency Wallet Development