Blockchain is often referred to as a real-time, immutable record of transactions and ownership. But what does that mean? Basically, it is a reliable, difficult-to-hack record of transactions – and of who owns what.
Think of a database with information stored in blocks. These blocks can be copied and replicated on individual computers. All of these are identical and synced with one another. When someone adds or subtracts data, it changes the information across them all.
Each one is just as secure as your online banking portal – nearly unhackable. Blockchain ledgers can incorporate a wide swath of documents, including loans, land titles, logistics manifests, and almost anything of value. Big Data information can be shared in a multi-verification environment that is perfect for real-time, secure information sharing.
Because the technology is advancing, use cases are evolving. As the number of business verticals using blockchain expands, adherence to data privacy laws becomes paramount.
Blockchain-as-a-service (BaaS) folds the blockchain distributed ledger platform into the cloud-based software delivery and licensing model already popular with enterprises looking to cut costs while increasing security and efficiency. BaaS supplies the accountability, transparency, and security of blockchain already noted without using in-house resources, as service providers maintain the BaaS network in the cloud.
Momentum for blockchain technology is clearly building, with Gartner estimating blockchain will generate USD$3.1 trillion in business value by 2030.