Blockchain is a technology that underpins the success of Bitcoin and other digital currencies. Wall Street is particularly interested in blockchain: The elimination of manual processes around reconciliation with customers, trading partners, and securities exchanges using blockchain is projected to save banks nearly $20 billion annually by 2022.
Blockchain has uses beyond financial transactions to improve the security and efficiencies of a range of business activities such as applications requiring transparency on data and documents with a permanent time and date stamp. In insurance, for example, blockchain technology can be used for customer onboarding, smart contracts, and fraud detection. In manufacturing, blockchain is being used in supply chain applications and 3D printing.
To better understand blockchain, let’s first look at why blockchain is so important and how it ensures the integrity and efficiency of the Bitcoin network. Then, we will look at how Acronis provides a solution that uses blockchain to record and protect the authenticity of your business assets.