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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.Extract from article by Steven Norton
Known by many as the technology underpinning the bitcoin digital currency, blockchain has acquired a new identity in the enterprise. At a time when companies face new challenges in data management and security, it’s emerging as a way to let companies make and verify transactions on a network instantaneously without a central authority. Today, more than 40 top financial institutions and a growing number of firms across industries are experimenting with distributed ledger technology as a secure and transparent way to digitally track the ownership of assets, a move that could speed up transactions and cut costs while lowering the risk of fraud. Some companies see an opportunity to use blockchain to track the movement of assets throughout their supply chains or electronically initiate and enforce contracts.
Blockchain remains in the experimental phase inside many large firms and there are few tested use cases, experts and analysts caution.
Read the complete article at CIO Explainer: What Is Blockchain?