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A blockchain is made up of individual blocks of data involving a series of related transactions, linked together in consecutive order.
So what is a blockchain? Picture a daisy chain, but replace the daisies with blocks that each represent a piece of data. Hopefully, organisations will be able to harness the power of this technology for the advancement of the society and community, especially banks to make global trade and financial services much stronger to help connect communities and help our societies grow.” How blockchain works “What we do with the revolution, the industry is still coming to terms with. “This is revolutionary technology,” says Gautam Jain, global head of digitisation and client access at Standard Chartered Bank. Impacts on banking are particularly important, with advances such as real-time settlement capability, reducing counterparty risk and enhanced automation. While the application of the technology is still in the proof of concept stage, it could play a positive role in a diverse range of industries and sectors including banking, commerce, healthcare, insurance and government.įor one, companies could gain near-instant global access to their funds any time and anywhere cash could be in continual motion to meet a company’s working capital and liquidity needs worldwide.
It’s called blockchain and it’s bringing fast change to global trade and finance.īlockchain is revolutionising the speed and efficiency of transactions. Now think of an online version of that ledger that’s instantly accessible by multiple parties – secure, accurate and updated in real-time. Think of an old-fashioned ledger, one of those big leather-bound books that businesses used for recording their transactions, creating an official public record that was open for inspection.
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