Note from the CEO: Trust. Yeah remember that? When you could actually trust people to do what they say and rely on them? Well, Deloitte makes a case that blockchain technology could be very beneficial in establishing trust around the globe. It makes the case that third parties are replaced as keepers of trust by all participants running algorithms to certify integrity. Awesome! More trust and transparency can only be good.
“Trust is foundational to business, yet maintaining it—particularly throughout a global economy—is expensive, time-consuming, and, in many cases, ineffective. Could blockchain be part of the answer?
Blockchain is more than the technology underpinning the cryptocurrency bitcoin. Organizations throughout the public and private sectors have begun exploring how this technology might profoundly transform some of their most basic operations, from contract execution to transactions with customers and suppliers.
Blockchain is a distributed ledger that enables communities to record and share information. Members maintain their own copies of the information and must validate any updates collectively via a shared consensus mechanism. The information could represent transactions, contracts, assets, identities, or practically anything else that can be described in digital form. Entries are permanent, transparent, and searchable, which makes it possible for community members to view transaction histories in their entirety.”