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Simple answer: Mutualize the access to data, optimize multi-organization digital processes, distribute and share IT costs, the transition from organizational “data ownership” to “data custody”.

The basic principles

Let’s begin by simplifying a couple of key concepts around blockchain and distributed ledgers technologies (DLT).

Distributed Ledgers

Blockchain is one of several types of Distributed Ledger Technologies (DLT), which is a class of technologies analogous to traditional databases, in its purpose to store data, but in which, by design, data is consensually shared and synchronized across multiple sites, institutions or geographies.


Distributed ledgers are purpose-built to enable more transparent and efficient digital transactions between multiple participants with varying levels of trust. You should think of a distributed ledger not as a simple database or record of data, but as a decentralized and transparent universal computer serving multiple organizations and participants.

Immutability

Perhaps the most notable feature of blockchains and modern distributed ledgers is keeping data immutable.
Due to their decentralized nature, they are more resistant to malicious changes by a single party.


For an attack to be successful, the majority of the ledger copies and network nodes would have to be compromised simultaneously.

Consensus mechanisms enforce the immutability of data over time, by making sure it is either too expensive or unpractical to attempt such an attack.

Consensus

In the scope of DLT, consensus algorithms are normally protocols and sets of rules ran by network nodes with two main purposes: approving transactions in a distributed manner (and writing them on the ledger) and enforcing the immutability of stored data.


Consensuses in DLT can be looked at from 2 perspectives: Business-driven, resembling voting and rule-based systems organizations use every day to verify and approve transactions; Computation or technology-driven, which focus on ensuring overall system reliability, namely making it technically unfeasible for a single entity to compromise the immutability of the ledger.

What can you do with DLT ?

Distributed Ledgers can work as shared services infrastructures and mutualized data repositories,
purpose-built to increase efficiency in multi-organization digital processes and reduce transactional costs.
Data notarisation &
Validation

Regardless of its trade-offs, there is currently a no better technological solution to ensure universal reliance on a single source of data.
The immutability property of DLT allows them to work as digital notaries to support next-gen data notaries and credential verification systems.

Decentralised Reconciliation & Settlement

By design, DLT works to enable real-time data reconciliation and rule-based settlement between participants, without the dependency on a single institution. The ledger provides universal trust in data and a secure environment for transactions.

Smart Contracts & Programmable Business Logic

DLT provides the essential features which enable universal trust in data. Such networks provide environments upon which novel applications can be deployed by using smart contacts. This means that applications can now be redesigned using a process-driven approach deployed on a shared environment, automating digital processes.

Chatbots & Live Interaction

Robots can interact with collaborators, ask questions and perform tasks depending on the answers they receive. According to Chatbots Magazine “A chatbot is a computer program powered by AI that allows you to interact with the customers via a chat interface.”

Non-repudiable & atomic Transactionality

Due to its immutable nature and by using distributed consensus, blockchains and distributed ledgers can enable non-repudiable and atomic transactions.

This can largely reduce the number of disputes and after work needed in the transaction flow, further reducing costs.

Self-Sovereign Identity (SSI)

Blockchain technology has enabled the universal provision of digital identifiers and identity accounts.

By being tamper-proof, not controlled by a single institution, private-by-design, and free access, blockchains can enable anyone anywhere to register and hold a private universal identity wallet.

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