Blockchain is a new data structure with an automated way to enforce trust among participants. Consensus algorithms ensure that all participants agree on the data stored within the blockchain. Blockchain opens the door to disrupt any industry that relies on a central authority to confirm authenticity. It also allows independent, and even competing organizations, to share information to gain efficiencies across an industry.
In permissioned blockchains, a consortium of organizations are responsible for authenticating and controlling the participants in a blockchain. In public blockchains, no central authority or administration is required to exchange data. Blockchains can drive business innovation through controlled data-sharing networks for industry consortiums.
The promise of distributed ledger technologies (DLT) to simplify and automate key work functions has many industries taking notice. Businesses recognize the efficiency gains from transitioning from closed and proprietary solutions to standard open source capabilities.