Blockchain is a distributed database that maintains a list of data records secured from tampering and revision.
At its heart, it's a distributed data store: anyone who participates in the blockchain network can have their own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger). To learn more, read our blog on top things to know about blockchain.
Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin, but it is much more than an instrument of finance. Blockchain can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.
- Greater transparency
- Enhanced security
- Improved traceability
- Increased efficiency and speed
- Reduced costs
"Once widely adopted, blockchain will transform the world"
Ginni Rometty, IBM CEO
Centralised vs Decentralised
Traditional Database Centralised
- The control of the database remains with a central administrator
- It usually requires a contract between the central admin and each counterpart
- The data is at risk of being altered, damaged or lost by the central admin
- To share your data, you need to be granted permission by the central admin
Blockchain Database Decentralised
- No one person controls the database. Users own and control their data
- Users can share their data with anyone, anytime and can also revoke access to their data at anytime
- Users have a perfect audit of any changes to their data – what was changed, who changed it, when it was changed
Cygnetise and Blockchain
Smart Contracts & Encryption
Smart Contracts and cryptographic keys ensure that no-one can view your data unless you grant permission. You can revoke access at any time.
Using blockchain provides you with an immutable, full audit of any changes to your data – what was changed, who changed it, when it was changed.
Cygnetise does not own the database that your list is held on. Copies of the database are distributed across multiple nodes.
All entities are approved onto the system. The private blockchain will only include trusted parties to maintain its integrity.
"Cygnetise has arrived at a pioneering idea, implementing blockchain to replace the antiquated processes of managing authorised signatories. This simple but powerful application of blockchain appears to be a great solution to a real problem, faced by many businesses."
Eitan Jankelewitz, Partner at Sheridans