Lenovo & Blockchain Technology
Billions of transactions of all types take place every day. These transactions must be secure, verifiable, fast, and efficient, and every stage of a transaction requires a level of trust. Yet, these requirements are not always achieved. Invoices can get lost or delayed, Web sites can be hacked, fraud can be committed, and there often is too much manual intervention and a lack of transparency among all parties.
Blockchain technology promises to improve many aspects of how organizations conduct business. It provides a transaction data record that is transparent and unchangeable. Benefits include:
- Enhanced trust in business processes. All partners in a business network have access to the data in a shared, distributed ledger and data is recorded based on an agreed upon protocol.
- Higher levels of automation. Delivering transparent data to analytics tools is a key challenge for all enterprises. By using cryptographic techniques to ensure immutability, Blockchain facilitates smart contracts and eliminates manual reconciliation steps that can take weeks and months to complete.
One of the key software frameworks fueling the exploration and adoption of enterprise blockchain services is Hyperledger Fabric. Hyperledger is the open source consortium advancing business blockchain technologies hosted by The Linux Foundation and Fabric is one of several frameworks hosted by Hyperledger. Because of its focus on B2B processes, Hyperledger Fabric is one of the most prominent enterprise blockchain offerings in existence.
Blockchain technology has been used for nearly a decade as the underlying foundation of cryptocurrencies and more recently in medical, cybersecurity, music, farming, shipping, and other industries.
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