Benefits Of Blockchain Technology

“Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole.” – Bob

Michelle Beane
January 30, 2020
Benefits Of Blockchain Technology

“Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole.” – Bob Greifeld, Chief Executive of NASDAQ

What is a blockchain?

A blockchain is a growing list of distributed ledgers, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is resistant to modification of the data, reducing counter-party risk, and providing a secure way to house transactions by using a consensus protocol.

How does blockchain work?

When a digital transaction occurs in a blockchain network, it is grouped together in a cryptographically-secure “block” with other transactions that have occurred in the same time frame. The block is then broadcast to the network. A blockchain network is comprised of nodes or participants who validate and relay transaction information based on the consensus protocol.

Benefits of blockchain technology as specified by Forbes are:

  1. As a public ledger network, blockchain records and validates each and every transaction made, which makes it secure and reliable.
  2. All the transactions made are authorized by miners across a distributed network, which makes the transactions immutable and prevents them from the threat of hacking.
  3. Blockchain technology discards the need for any third-party or central authority for peer-to-peer transactions.
  4. Decentralization of the technology.

With more than 55 different industries now exploring blockchain, the use cases for a transparent, verifiable, record of transactions seem practically endless. Including banks, financial institutions, ride sharing companies, supply chain manufacturing, and real estate businesses are already actively investing in this space. Yet, many executives still find it difficult to cut through the hype and understand how blockchain can add real business value to their enterprise.

BlockSpace’s recognizes the potential of this transformational technology and will offer exclusive industry-specific blockchain strategy sessions for the Synapse Summit event attendees. Session attendees will gain a deeper understanding of how blockchain can help create a more efficient workflow in corporate transactions and learn how blockchain can give them a competitive advantage in business.

These exclusive blockchain presentations are designed for company decision-makers interested in understanding blockchain and how it may impact their business. The sessions offered will cover banking, healthcare, supply chain, digital identity, micro-transactions, gaming, and real estate. These sessions will be available on a first-come, first-serve basis exclusive to Synapse attendees at the BlockSpaces Blockchain Pavilion space 104.

Join us on day two of the Synapse Summit where visionaries, doers, and disruptors connect and have the opportunity to learn more about industry-specific uses for blockchain technology.

For more information on the strategy sessions and to reserve your spot today, please click here:

About BlockSpaces – Founded in 2017, BlockSpaces is a blockchain technology solution studio focused on the creation and growth of successful products and provides product development, consulting, and support services to businesses, startups, and individuals.