• Lionel Pavey

Forget Bitcoin - it is all about the Blockchain

The technology underlying the Bitcoin is the Blockchain - this is the boring, unsexy application that has the potential to dramatically change the way you do business.


So what is it?

A shared distributed ledger that simplifies the process of recording transactions and following assets. These assets can be tangible (land, property, goods) or intangible (copyrights, patents).


How does it do it?

Blockchain uses a secure network, accessible only to the agreed upon participants. It does not replace existing book-keeping systems and databases - it facilitates the reconciliation and possession processes. By posting your transaction to the Blockchain, along with your counterparty also posting, it is very quick and easy to see if both entries agree. This replaces internal processes involving purchase orders, shipping manifests, delivery notices, invoices etc. All these stages occur within different departments and reconciliation, internally as well as externally, can be time consuming and complex.


What are the advantages to me?

Saves time

Reduces costs

Increase in operational efficiency

Better audit trail

Private

Secure


If you are interest to know more, please contact me.






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