The simplest blockchain definition? A reliable, difficult-to-hack record of transactions – and of who owns what. Blockchain is based on distributed ledger technology, which securely records information across a peer-to-peer network. Although it was originally created for trading Bitcoin, blockchain’s potential reaches far beyond cryptocurrency. Blockchain ledgers can include land titles, loans, identities, logistics manifests – almost anything of value. The technology is still new, but the potential impact it can have on business is exciting, and immense.
Every business is based on transactions, and these transactions are often routed through third-party intermediaries, which makes processing time-consuming and expensive. Blockchain technology enables true data sharing, which dramatically speedsup multi-participant transactions and lowers costs, while ensuring all parties are protected.
People, businesses, machines, and algorithms are free to transact and communicate with one another in a frictionless way. This is the promise of blockchain.
Learn how SAP can help your business reduce intermediaries, speed up processes, heighten transparency, provide quick return on investment, automate processes – and drive digital transformation – with SAP Leonardo Blockchain.