This article was first published on NEM
Over the past few years, companies have expressed interest and started to research howto use blockchain in an operational capacity. Like the adoption of the internet, adopting the blockchain for your organization will put you on the cutting edge of operational security and efficiency.
First you may ask, “What is blockchain?” In its simplest form, blockchain is an
authoritative record of data where everyone who participates gets a permanent record of every addition and change. Once an entry is written to a blockchain, it cannot be altered by anyone, and everyone can see when and by whom it was added. It also provides enhanced security. This is because members of the network can be required to verify their identities to participate. Since the data is spread over many computers, security is enhanced. There’s no central institution hosting all the data, so the network is less vulnerable to cyber-attacks. Transactions on a blockchain are furthermore immutable: because each block is part of a chain linked to other blocks they cannot be tampered with or altered. This helps in the fight against fraud and money laundering, as well as helping law enforcement and auditors track transactions.
For company blockchain solutions, there are several options. Popular solutions include Ethereum and Hyperledger, but one excellent choice built specifically for companies is the NEM blockchain. From financial transactions, to document storage, to smart contracts and beyond, NEM’s Smart Assets can help your organization optimize on this pioneering technology that can take your organization to the next level of business.
Most blockchains come with only bare-bones features, such as sending digital currency. If your company needs more sophisticated data management, as most do, you’ll have to implement special chunks of code called smart contracts. Integrating the right kind of smart ...
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