3 things C-suite leaders should know before adopting blockchain

IBM recommends C-suite executives consider three key principles when deciding whether to adopt blockchain technology in their organization.

Here are the three principles.

1. Security. With blockchain, members of a business network exchange assets through a central ledger. The ledger is synced across the network, so all members need to confirm a transaction before it is approved. This feature makes it more difficult for unauthorized users to tamper with business processes.

2. Decentralization. Unlike a traditional database that is centrally located and maintained by one party, blockchain technology can be shared among a network. The blockchain network can also include different types of participants, authorized for different functions.

3. Transparency. Since blockchain provides visibility to all participants in its network, it can improve trust across the enterprise, according to IBM. This visibility also cuts down on cost by eliminating the need for intermediary third-party vendors to verify transactions.

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