In a nutshell, Blockchain is a secure, reliable, and decentralized sets of transactions. Bitcoin, the first application of Blockchain has already changed the payment structure by introducing the cryptocurrencies. Blockchain has potential to transform the world and the complete way how business operates. Based on distributed ledger technology, Blockchain’s potential use cases may include public sector, supply chain, utility-based applications, IoT and machine learning apps, asset management, and peer-to-peer transactions.
Blockchain and Smart Contracts:
Self-Executing and Secure Agreement
Smart contracts refer to a self-executing piece of information based on blockchain technology. Once the agreement conditions or payments conditions met, the programs will automatically trigger with the use of real-time information.
A smart contract includes notary, transfer of ownership and funds, asset management, agreement, and exchanges among the parties.
Types of Blockchain:
- Private Blockchain: A single organization can create a node and determines the rights for reading or submit transactions to it.
- Public Blockchain: Anyone can read this public record and also send the transaction to it.
- Semi-private Blockchain: It is suitable for business-to-business use cases and administrative applications.
- Consortium Blockchain: This blockchain is known as permission -blockchain and it is ideal for business use.
How can SAP Leonardo Blockchain services help you?
- Because of the peer-to-peer network concept, it automatically eliminates the need for third-party bodies such as banks, brokers, lawyers, agents etc.
- Elimination of third-party intermediaries speeds up the process execution in case of multi-party scenarios.
- The data security is at its best because of the distributed and encrypted data across the network makes it impossible to hack, delete or alter.
- The faster process, meddle proof data, and an ease of implement fast tracks the business growth and ultimately a spurt in ROI.
- Its programmability allows development of trigger events on various actions like payment, data access request, etc.