What is so different about Blockchain?

May 4, 2020 by Tony Giroti0

Today’s Information Technology is based upon a simple paradigm where a company or an organization controls operation of a computer application. As shown in Figure 1, any organization such as a bank, an Insurance company, a retailer, an airline, a telecom company, a social media company or any company that uses computer systems, is responsible for running the application and managing its data. This company is solely responsible for operating this application as its control is centralized with the company, and the company has exclusive responsibility of the application and its data. With Blockchain, the paradigm changes. Rather than a single company being responsible for the control or functioning of the application and its data, the responsibility is split between two or more companies or nodes – this is by design. This “decentralization” when combined with a “democratize” approach to executing business logic on the data is the real game changer. Unlike traditional computing paradigms, Blockchain provides a new approach for computer applications where decentralization and democratization are at the core of its functioning. These fundamental changes can empower customers unlike ever before, facilitate new transactions economically, enable unprecedented cyber-security capability and deliver trust guarantee for all participants.


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