1. An Introduction to Blockchain
& its Business Uses
A smart contract is a program
developed on blockchain which
automatically executes, controls or
documents legally relevant events,
transactions and actions according
to the terms of a contract
or an agreement.
Smart contracts are most effective
when parties have unequal oversight
of contractual fulfilment and when
using Internet of Things (IoT) data
› Smart contract development
using Ethereum and Hyperledger
Blockchain key features
Each block is
signed with the
key – providing a
ledger across nodes
removes a single
point of failure for
Data is distributed
across all nodes
and not held by a
against false data.
1. Blockchain is cryptocurrency
Cryptocurrency is one, albeit
the most famous application
of blockchain. Applications
exist beyond finance.
2. Blockchain is immutable
As an append-only ledger secured
by a consensus mechanism,
blockchain is almost immutable.
Data though, can be altered if a
malicious party takes over more
than half of a network’s nodes.
3. Blockchain is file storage
Blockchain is a distributed ledger
of electronic transactions/
interactions – it cannot store
conventional file types such
as PDFs, JPEGs etc.
Blockchain guarantees the
truthfulness of information
Network members agree what
information should be added
to the ledger via a consensus
mechanism. This agreement does
not necessarily equate to the
truthfulness of information.
There is one
There are multiple blockchain
platforms which differ in: use
cases, governance, and other
factors. Popular platforms include:
Ethereum, Hyperledger Fabric
and R3 Corda.
What is Blockchain?
› Blockchain acts as a write-only ledger of electronic transactions/interactions
bundled into units called ‘blocks’. The blockchain ledger is not centrally stored
nor is it maintained by a single party. Rather, it is stored across multiple network
members (nodes) who each hold a copy of the ledger and contribute to it.
› Blocks are submitted by nodes for inclusion in the ledger and are permanently
recorded only after validity confirmation by a consensus mechanism. Upon
the successful inclusion of a new block, the ledger is updated and replicated
across all nodes.
› Each block includes a hash uniquely computed from its contents and the
previous block’s hash. Alterations to a previous block will invalidate the hashes
of all subsequent blocks (hence, blocks are ‘chained together’).
› Every block is time-stamped and ‘signed’ by its author through public key
cryptography. This creates a ‘digital footprint’ of activities.
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Compliance & Audit
› Provide greater audit assurance
› Real time compliance monitoring
› Reduce manual audit processes
Supply Chain Management
› Trace goods & services through
the supply chain
› Automatically execute contracts
› Automate ‘back-office’ functions
› Onboard new suppliers more quickly
› Secure records of file
› Detect unauthorised file modification
Commercial Contract Management
› Automatically execute
› Simplify dispute resolution
› Automate benefits management
Self Sovereign Identity
› Automate ID/qualification verification
› E-governance/verify eligibility
for government services
› Secure cyber physical systems
› Secure public key infrastructures
› Secure software code signing
Potential uses of Blockchain