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Access resources to help you manage your business and learn how SAVIC is responding.Access resources to help you manage your business and learn how SAVIC is responding.
The simplest blockchain definition? A reliable, difficult-to-hack record of transactions – and of who owns what. Blockchain is based on distributed ledger technology, which securely records information across a peer-to-peer network. Although it was originally created for trading Bitcoin, blockchain’s potential reaches far beyond cryptocurrency. Blockchain ledgers can include land titles, loans, identities, logistics manifests – almost anything of value. The technology is still new, but the potential impact it can have on business is exciting, and immense.
A distributed ledger is a database of transactions that is shared and synchronised across multiple computers and locations – without centralised control. Each party owns an identical copy of the record, which is automatically updated as soon as any additions are made
A blockchain records data across a peer-to-peer network. Every participant can see the data and verify or reject it using consensus algorithms. Approved data is entered into the ledger as a collection of “blocks” and stored in a chronological “chain” that cannot be altered.
Smart contracts – self-executing agreements based on blockchain technology – automatically trigger actions or payments once conditions are met. In the near future, they will use real-time information, such as asset GPS data, to trigger an event, such as a transfer of ownership and funds.
Explore industry-specific use cases for blockchain and cloud technologies that are helping our customers become best-run businesses.
Blockchain technology has the potential to improve transparency and accountability across the supply chain. Applications are already being used to track and trace materials back to the source, prove authenticity and origin, get ahead of recalls, and accelerate the flow of goods.
The public sector is looking at the potential of blockchain to serve as the official registry for government and citizen-owned assets like buildings, houses, vehicles, and patents. Blockchains could also facilitate voting, reduce fraud, and improve back-office functions like purchasing.
Blockchain software solutions are being tested for a wide range of applications in the utilities industry: peer-to-peer solar energy sales between neighbors, energy trading among utility conglomerates, automated billing for autonomous electric vehicle charging stations, and more.
Stay ahead of the curve by exploring how distributed ledger technology can benefit your business – learn about industry use cases and see how distributed ledger technology is being leveraged to address real world problems.
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