Distributed Ledger Technology (DLT) is in the process of revolutionising our systems of business finance and exchange. First mooted as recently as 2008, the enterprise version of DLT has transformed every aspect of market activity, going far beyond its original conception as a method of trading that no longer relied on banks and traditional financial institutions.
The best-known form of DLT is Blockchain, made famous in part by its underpinning of bitcoin but in reality establishing for itself a much greater presence than its association with a single crypto-currency. Blockchain represents the entirely innovative use of a decentralised database to record transactions with encrypted signatures – ‘hashes’ – managed by multiple parties and spread across several different nodes. Transactions are grouped into blocks, each block incorporates a hash from the previous block, thereby forming an unbroken chain.
One of the most innovative achievements of Blockchain technology is the provision of immutable data proof. Because the data in any chain is immune to hacking and retrospective amendment, its data can be presented as irrefutable evidence in any court proceedings in UK and European civil and criminal courts. This is of huge assistance in disputes over product provenance and liability, for example, and it can also prevent evidence being ruled inadmissible because of procedural errors.
The advantages of blockchain are considerable and numerous. DLT reduces the risk of fraud or error because each party has its own ledger; there is no need for validation by intermediaries; all data is stored locally by each party; digital code on the chain represents binding contractual rules, eliminating the need for third parties; assets of any kind can be traded and transferred quickly and freely. Blockchain also solves the perennial challenge of data management, the establishment of data lineage to track the creation and transformation of data through any transaction chain. Furthermore, it eliminates the need for contract enforcement, verification and background checks because automation is built into its very structure.
Blockchain and Your Business
At Gradeon, our profound industry knowledge puts us at the forefront of DLT. This is a rapidly evolving technology which has developed from its beginnings as public, permissionless networks into a system of private, permissioned networks governed by transparent controls involving trusted partners and strict qualification criteria. Our experience and expertise enable us to plan the optimal application of blockchain technology for the specific structures, goals and demands of your business. We offer, through our strategic partnerships, all the benefits of immutable data proof in resolving disputes and compliance issues as well as providing the cost savings and efficiency of the automation which is inherent in the technology.
We are entirely independent of any institution or agency but we enjoy sound and productive working relationships with major partners at a global level. We are skilled in the implementation of blockchain specific security measures and all forms of digital identity innovation, encryption and interoperability. Blockchain is changing the world of trade and finance by taking us ever closer to the goal of truly frictionless business. From assessment, prototyping and design right through to the implementation and operation of a bespoke DLT system, we will help you empower your business to take full advantage of the immeasurable benefits of blockchain.