Blockchain originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
FinTech Business Solutions will take on the FinTech client challenges of needed linkages between blockchain environment and how business processes are managed and the inability to allocate right people and resources on strategic initiatives.
It will get down to how FinTech enterprises will utilize information effectively to meet business urgencies and at the same time resolving the issues and challenges in linkages between blockchain and clients business processes.