The blockchain technology platform is a distributed ledger technology system that allows multiple parties to have simultaneous access to a constantly updated ledger that keeps a record of all transactions between participants. The block of transactions make up the chain, hence the name blockchain. This new technology has the potential to redefine operations and improve the efficiency, security and economics of the financial industry. It is time for financial institutions to change and benefit from the possibilities of distributed technologies.
Firms are investing millions in developing blockchain applications. Few now doubt that blockchain could soon revolutionise the global financial services industry. Distributed ledger technology represents a promising source of future innovation in financial markets as it is starting to prove itself beyond just cryptocurrency. The opportunities arising from blockchain are vast, there are, however, many challenges to contend with before the full potential of the technology can be realised.
Contents:
Introducing Blockchain and Distributed Ledger
- Distributed Ledger
- Blockchain
- Taxonomy of Distributed Ledger Platforms
Introducing Smart Contract
- Ethereum
- IBM Hyperledger
- R3 Corda
Appendix
- Block Hashing Algorithm
- Keys, Wallet and Transaction
