Blockchain is a distributed, immutable ledger that simplifies transaction recording and asset management in corporate networks, allowing for the recording and trading of both tangible and intangible assets while reducing risk and costs. It ensures accuracy and transparency through features like distributed ledger technology, immutable records, and smart contracts, enabling better tracking of transactions. Various types of blockchain networks exist, including public, private, and consortium blockchains, fostering trust in the information shared among network participants.

1. BLOCKCHAIN- A DEEP DIVE
What is Blockchain?
Blockchain is a distributed, unchangeable ledger that makes recording transactions and
managing assets in a corporate network much easier. A tangible asset (a house, car, cash, or
land) can be intangible (intellectual property, patents, copyrights, branding). On a blockchain
network, virtually anything of value may be recorded and traded, lowering risk and cutting
costs for all parties involved.
Why blockchain is important?
Information is the lifeblood of business. The faster and more accurate it is received, the better.
Because it delivers immediate, shareable, and entirely transparent information kept on an
immutable ledger that can only be viewed by permissioned network users, blockchain is
excellent for delivering that information. Orders, payments, accounts, production, and much
more may all be tracked using a blockchain network. You can see all facts of a transaction end
to end since members share a single view of the truth, providing you greater confidence as well
as additional efficiencies and opportunities.
ELEMENTS
1. Distributed ledger technology- The distributed ledger and its immutable record of
transactions are accessible to all network participants. Transactions are only recorded
once with this shared ledger, eliminating the duplication of effort that is common in
traditional corporate networks.
2. Immutable records- After a transaction has been logged to the shared ledger, no participant
can edit or tamper with it. If a mistake is found in a transaction record, a new transaction
must be made to correct the error, and both transactions must then be visible.
3. Smart contracts- A collection of rules called a smart contract is stored on the blockchain
and executed automatically to speed up transactions. A smart contract can specify
requirements for corporate bond transfers, as well as payment terms for trip insurance..
HOW THIS WORKS
As each transaction occurs, it is recorded as a “block” of data
These transactions depict the movement of a tangible (a product) or intangible asset
(intellectual). The data block can store any information you want, including who, what, when,
where, how much, and even the state of a shipment, such as the temperature.

2. These transactions depict the movement of a tangible (a product) or intangible asset
(intellectual). The data block can store any information you want, including who, what, when,
where, how much, and even the state of a shipment, such as the temperature.
Transactions are blocked together in an irreversible chain: a blockchain
Each successive block reinforces the prior block's verification, and hence the entire blockchain.
The blockchain becomes tamper-evident as a result, giving the key strength of immutability.
This eliminates the risk of tampering by a hostile actor, and creates a trusted record of
transactions for you and other network users.
TYPES OF BLOCKCHAIN NETWORKS
There are several ways to build a blockchain network.
1. Public blockchain networks
2. Private blockchain networks
3. Permissioned blockchain networks
4. Consortium blockchains
(IBM,2022)
SHOULD YOU TRUST BLOCKCHAIN?
Because it reflects a shared record of the truth, it fosters trust. Other new technologies that
drastically boost efficiency, transparency, and confidence will be powered by data that
everyone can trust.
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