Blockchain has the potential to fundamentally change the way organizations do business, providing new infrastructure on which the next generation of streamlined business applications will be built.
But it is also a technology with much hype that is not well understood. One simple way to define it is: Blockchain is a new type of database system that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same data and information. The promise and implications of this technology are so profound, it could revolutionize business practices as we know them.
Financial institutions could settle securities in minutes instead of days. Manufacturers could track the origin and movements of inventory across a supply chain. Businesses could also manage commercial contracts, making them digital, shared and tamper-evident—a use case Accenture has developed and is testing, with a path toward further enabling smart contracts.