Block chain is buzz word in the current emerging technology / industry.
On resolution of 5 Ws (What, Why, When, Where, Who) & 1 H (How) queries, any new technology can be learnt in seamless way with width & depth details. Today, I'm just inking the first question - "What" i.e. What is Block chain?
Preface
This series doesn't have deep technical dive; in stead to address the fundamental understanding of this distributive technology to add business value.
As I was coming from the financial industry background, 4 business context need to define in alignment with Block chain technology.
- Asset
- Ledger
- Transaction
- Contract
Asset
Any tangible or intangible object, which is capable of being owned or controlled ultimately to produce value. Good examples are house (tangible) and its mortgage (intangible).
Ledger
It is an accounting principle and practice to record the business activities meticulously.
Transaction
Any activity to execute on the asset. Good examples are buying a new house or selling the existing house.
Contract
Any business condition for transaction to occur. Good examples are on settling the mortgage amount, house title will be transferred to the owner
Executive Summary
In a nut shell, Block chain is decentralized public digital ledger of all transactions in various business contracts of the underlying assets. Transaction details can’t be tampered to build the trust on data.
Hope, you can leverage this one pager on "What is block chain?"
Glad to know that the article is useful to you
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