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ARTICLE · 05 SEPTEMBER 2017

Can An Alternate Technology That Aims To Curb Fraud Gain Credence? - Blockchain Technology

Deloitte
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Blockchain gained popularity about seven years ago, as the underlying platform powering Bitcoin, a popular virtual cryptocurrency.

IndiaTechnology
Jayant Saran
Jayant Saran

Blockchain gained popularity about seven years ago, as the underlying platform powering Bitcoin, a popular virtual cryptocurrency. However, over the past year, several large corporations including many investment banks have begun to test and work with blockchain technology, exploring its potential to reduce costs and improve efficiency of transactions.

Blockchain overcomes the traditional challenges of having a 'wall of security' around data that can (in theory) be breached by those having access to it, such as administrators. Often such access can be misused by individuals to make changes to data that the larger organization is unaware of. In contrast, blockchain relies on approvals from the majority of users to make changes to existing data, reducing the possibility of backdoor transactions.

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