March 28, 2019

...AND CHEAPER...:

How Blockchain Is Disrupting 3 Industries (Russ Banham, 3/28/19, Forbes)

Healthcare, banking and insurance are just three industries that anticipate tens of billions of dollars in cost savings from the blockchain's permanent decentralized ledger.GETTY

Healthcare, banking and insurance are just three industries that anticipate tens of billions of dollars in cost savings from the blockchain's permanent decentralized ledger. As a result of blockchain, banks, for example, expect to generate more than $27 billion in cross-border settlements alone by 2030, according to a 2018 study.

At its most basic, a blockchain is a distributed, digital ledger with built-in security that records transactions among the network participants in real-time. Every 10 minutes, these transactions are verified, permanently time-stamped and stored in a block that is encrypted and inextricably linked to the preceding block -- creating a blockchain.

Participants don't need to trust that the ledger has not been tampered with because entries are trackable and irrevocable. Another advantage of blockchain technology is business efficiency. Participants can execute smart contracts without a central controlling authority. The contracts trigger when pre-arranged terms and conditions are met.



Posted by at March 28, 2019 12:02 AM

  

« THE COLLUSION AND OBSTRUCTION ARE BAKED IN: | Main | THE ASSAULT ON RELIGION: »