Distributed Computer Networking Technology, seen in the adoption of

TCP/ IP has paid the groundwork for the development of the Internet.

Today, the world’s most valuable companies have Internet driven, platform-

based business models. The very foundations of our economy have

changed. Physical scale and unique intellectual property no longer confer

unbeatable advantages; increasingly, the economic leaders are enterprises

that act as keystones, proactively organizing, influencing and coordinating

widespread networks of communities, users, and organizations.

Blockchain, a peer-to-peer network that sits on top of the Internet was

introduced as part of a proposal for Bitcoin, a virtual currency system that

eschewed a central authority for issuing currency, transferring ownership,

and confirming transactions.

Bitcoin enables bilateral financial transactions at a lower cost. It has the

potential to become the system of record for all transactions. If that

happens, the economy will once again undergo a radical shift, as new,

blockchain – based sources of influence and control emerge.

K eeping ongoing records of transactions is a core function of any business.

Those records track past actions and performance and guide planning for

the future. They provide a view not only of how the organization works

internally but also of the organisation’s outside relationships.

Every organization keeps its own records, and they are private. Many

organizations have no master ledger of all their activities, instead records

are distributed across internal units and functions. The problem is

reconciling transactions across individual and private ledgers takes a lot of

time and is prone to error.

In a Blockchain system, the ledger is replicated in a large number of

identical databases, each hosted and maintained by an interested party.

When changes are entered in one copy, all the other copies are

simultaneously updated. So as transactions occur, records of the values and

assets exchanged are permanently entered in all ledgers. There is no need of

third party intermediaries to verify or transfer ownership.

Forward thinking organizations are exploring how blockchain can transform

the way they create and seek value. Whether to streamline multi-party

processes, create and trade new assets, or leverage artificial intelligence and

the Internet of Things, Blockchain enables entirely new business