Blockchain has the ability to create more efficient means of business that benefit it’s participants more-so than existing, antiquated models.

There are many ways blockchain can help transform how we do business, below are a few:

• Save time - Blockchain allows businesses to share a single network and complete multiparty transactions instantly
• Cost Reductions - Remove overhead by having network participants deal directly with each other, eliminate the need for 3rd party services
• Mitigate Risk - Blockchain acts as an immutable audit trail, eliminate data upkeep inconsistencies
• Proportionately Reward Participants - Be able to know the inputs of every participant, thus allowing the network to reward participants individually and fairly

There are two kinds of blockchain networks, Permissioned and Permissionless:

• Permissioned - The governors of the network to grant access in order to participate. This is what enterprise solutions will use when implementing blockchain
• Permissionless - Open to the public for use

Below are some helpful links to various content that outlines what blockchain is:

• IBM article
• PWC - Making Sense of Blockchain and Crypto
• Whiteboard Crypto Video
• 1 min rundown
• What blockchain means for data storage
• IBM Blockchain Storage needs PDF

Some business use cases for blockchain are:

• Smart Contracts
• Asset Management (Tokenization)
• Data Authentication / Verification
• Digital Identities