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When new technology hits the market, misunderstandings and myths are often encountered. This is certainly the case with the blockchain.
Oracle recently held a desk discussion on the blockchain.
Content producer Sthembiso Sithole attended the event and spoke with Craig Nel, a mobile leader and cognitive experience at Oracle Middle East, Africa and Turkey.
What's the blockchain?
Blockchain is an innovative technology that can drive innovation, accelerate business and reduce risks and costs associated with common business processes.
Constructs a growing list of unalterable records (called blocks) that are linked together to form a chain and securely distributed among the participants. Blockchain minimizes costs and delays in the use of third-party intermediaries for financial transactions.
Why should you be interested?
Blockchain has the potential to radically transform global companies into different sectors. Allows a trusted business network to perform transactions directly on a peer-to-peer network, without delays and costs of third parties, while ensuring the validity and integrity of transactions. It offers a ready-to-use enterprise-level solution that enables companies to increase business speed, extend business boundaries and reduce operational costs.
Is the blockchain Bitcoin?
Bitcoin is not blockchain. It is just one of the many components and technological constructs used to manage cryptocurrencies like Bitcoin.
Bitcoin works because it uses the blockchain to manage values and transactions. Blockchain is the underlying technology but has many other potential uses.
Blockchain on money management?
While blockchain can (and is) be used to manage financial transactions, this is just one of many technology applications. A blockchain can track any type of transaction from the movement of goods through a supply chain until the completion of the courses that a student must achieve. Without blockchain, transactions, whether financial or related to the supply chain, require data flows inside and outside the central information systems. With blockchain, the property is easier to follow and any associated party can confirm the activity of the event.
What are some of the cases of using the real world for blockchain?
Blockchain is contributing to many promising advances in areas of food safety and authenticity. Technology has the potential to provide traceability as part of a digitized food system. It can also take us beyond the traceability to transparency, where we have a complete and interconnected view of the supply chain.
Blockchain has many advantages, the most interesting of which is how it can meet the challenges related to trust. Trust in business partnerships is difficult to quickly establish. It inspires confidence and ultimately confidence translates into significant investments in all sectors.
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