Jason Kelley, GM, IBM Blockchain Services, and Saurabh Gupta, Chief Research Officer, HfS Research discuss the biggest challenges for enterprise blockchain technology adoption.

Full interview: https://youtu.be/x-nkOn-BhoM
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Connect with Saurabh on LinkedIn: https://www.linkedin.com/in/saurabh24april/
HfS Research: https://www.hfsresearch.com/

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What is Blockchain?
A blockchain is a constantly growing ledger which keeps a permanent record of all the transactions that have taken place in a secure, chronological, and immutable way.

Let’s breakdown the definition,

Ledger: It is a file that is constantly growing.
Permanent: It means once the transaction goes inside a blockchain, you can put up it permanently in the ledger.
Secure: Blockchain placed information in a secure way. It uses very advanced cryptography to make sure that the information is locked inside the blockchain.
Chronological: Chronological means every transaction happens after the previous one.
Immutable: It means as you build all the transaction onto the blockchain, this ledger can never be changed.
A blockchain is a chain of blocks which contain information. Each block records all of the recent transactions, and once completed goes into the blockchain as a permanent database. Each time a block gets completed, a new block is generated.

Who uses the blockchain?
Blockchain technology can be integrated into multiple areas. The primary use of blockchains is as a distributed ledger for cryptocurrencies. It shows great promise across a wide range of business applications like Banking, Finance, Government, Healthcare, Insurance, Media and Entertainment, Retail, etc.

Need of Blockchain
Time reduction
Unchangeable transactions
Reliability
Security
Collabration
Decentralized

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Blockchain Technology is transforming industries such as financial services, commerce, and agriculture. This technology provides new ways to store and transmit monetary value, new services in logistics and supply chain, and “distributed” flows of information that increase security and reduce costs.

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