Blockchain

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.

What’s in a block?
All transactions are logged, including information on the time, date, participants, and amount of each transaction.

How does it work?
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.

Is it restricted to currency?
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.

Blockchain magic triangle: problems that blockchain can solve

  • Provenance: An asset can be placed on a blockchain with a unique ID and the provenance can be tracked further. This process could be useful for detecting counterfeits in spare parts and pharmaceutical supply chains, for example.
  • Chain of custody: Blockchain creates a transparent record of events (often as a part of legally binding contract) that can’t be tampered with taking place against an asset (such as financial transactions or healthcare records).
  • Information sharing between mutually distrusting parties: Blockchain removes the need for a trusted third party to be engaged to mediate between these parties, such as brokerages, information aggregators, and so on.

Virtusa’s blockchain solutions focus on six main areas:

  • Digital identity
  • Regulatory and legal constructs
  • Security and privacy
  • Scalability
  • Proof of work vs proof of stake
  • Exception processing

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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Untangling Blockchain
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