Over recent years, blockchain has evolved into a transformational technology promising to offer secure, real-time transactions across different sectors and industries that will revolutionize the way we do business. ISO is at the forefront of this technology to ensure that its users all speak the same language.
If you have been following the hype around cryptocurrency investments, you will certainly be familiar with “blockchain”, the record-keeping technology behind the Bitcoin network. Blockchain is literally a chain of blocks, although, in this case, it refers to information (the “block”) that is digitally “chained” together and often stored in a public database. Because each computer in the network has its own copy of the blockchain, it is also very safe, as a hacker would need to manipulate copies across the decentralized network in order to violate the system. This is what is meant by blockchain being a “distributed” ledger.
Bitcoin was the first globally distributed ledger network, but the technology has begun to spread across the global economy as a reliable way to store data concerning other types of transaction. The emergence of new and exciting applications of blockchain and distributed ledger technologies presents wide-ranging opportunities to support efficient and secure real-time transactions across multiple sectors. Blockchain is a digital platform that facilitates transactions by recording and verifying data across different industries in a secure manner. Its decentralized cryptography-based solutions minimize the agency of third-party providers, thereby reducing transaction costs and enhancing transparency.