Blockchain is not bit coin. Blockchain is a new form of digital infrastructure, contributing to a secure digital future. Since it is a new technology, in order to realize its full potential, a lot of pieces need to exist before the effects can be realized. There is an unprecedented level of collaboration required. Blockchain is a Peer-to-Peer Distributed Ledger consented to by the parties involved, write-only data structure. Blockchain is designed as a data structure where each block in the chain locks in the value of the previous block. The most powerful and convincing reason to deploy blockchain-based solutions for a variety of processes is immutability (unchanging over time) of the data feature. There are no administrator permissions that allow editing or deleting of data. Blockchain is not a database.
There are challenges to adopt blockchain due to lack of knowledge, standards relating to security, privacy, data governance, end-user identity, inter-operability and regulations. Thus, blockchain has several vulnerabilities different than the standard cybersecurity.
Our professionals can assist in deploying the blockchain technology in the area of governance, accounting, financial transactions, code security, identity management, and asset ownership.