In the previous article, we consideed smart contracts. Now we will swithh on the Belarusian practice of using blockchain technologies and analyze what perspectives may be opened for business.
What blockchain is and why does business need it?
Blockchain is a distributed ledger technology that allows storing and transferring data between network participants without the possibility of counterfeiting it. Each transaction is recorded in a chain of blocks, cryptographically protected and verified by the network.
In business, blockchain is used for:
- record transactions and contracts;
- ensure the authenticity of digital documents;
- automation settlements via smart contracts;
- maintain transparent and immutable registries;
- reduce the risks of fraud and errors.
Blockchain is especially relevant where trust, audit and multilateral interaction are important. For example, in finance, logistics, government services, securities. Transparency and traceability of transactions are important in the accounting of raw materials and goods, certification of rights to assets, as well as data management.
For more information – check out the article by Matsvei Haradnik for MYFIN.BY.
