What is blockchain technology?

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.

Benefits of blockchain

• Fewer Intermediaries
  Blockchain is a true peer-to-peer network that will reduce reliance on some types of third-party intermediaries – like banks, lawyers, and brokers.
• Faster Processes
  Blockchain can speed up process execution in multi-party scenarios – and allow for faster transactions that aren’t limited by office hours.
• Transparency
  Information in blockchains is viewable by all participants and cannot be altered. This will reduce risk and fraud, and create trust.
• ROI
  Distributed ledgers will provide quick ROI by helping businesses create leaner, more efficient, and more profitable processes.
• Security
  The distributed and encrypted nature of blockchain mean it will be difficult to hack. This shows promise for business and IoT security.
• Automation
  Blockchain is programmable – which will make it possible to automatically trigger actions, events, and payments once conditions are met.

What is SAP Leonardo Blockchain?

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.