2021 Trend Almanac: Technologies and trends that will dominate the business and consumer landscape. Get instant access
The internet enabled a new generation of distributed platforms to run in the cloud, facilitating the outsourcing of certain processes and the more efficient storage of information. With current systems, many transactional processes still require a third party to establish trust, such as an escrow, law firm, or clearinghouse, resulting in high costs, fraud, and inefficiencies.
Blockchain eliminates the need for trusted third parties, such as banks, governments, clearinghouses, accountants, and notaries.
All transactions are logged, including information on the time, date, participants, and amount of each transaction.
Programmed mathematical principles—the “protocol”—govern the method for verifying transactions and establishing consensus. Cryptography allows each participant on the network to manipulate the ledger in a secure way.
The ledger can record any type of unit—currency, property, commodity, vote, rewards points, and so on—each of which is individually identifiable and programmable. Smart contracts are built upon this.
From design to deployment, Virtusa helps clients identify parts of business that are vulnerable to blockchain threats as well as create new business models.
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