Blockchain's

Transformational
Impact on Businesses
A BRIEF OVERVIEW
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The Trust Protocol

"The Netscape Navigator home page on the Internet's World Wide Web is
seen Wednesday, Aug. 9, 1995." AP
NEED OF TRUST PROTOCOL B LO C KC H A I N F U L F I L L I N G N E E D

With the internet's rise, the need for a trust protocol surged Satoshi Nakamoto's invention of Bitcoin based on
for secure online interactions. Trust protocol on the blockchain fulfilled the need for a trust protocol by
internet refers to a set of rules and procedures that enable allowing secure, direct transactions between parties
secure communication and transactions without the requirement of a trusted intermediary.
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The blockchain is an incorruptible digital ledger of economic

transactions that can be programmed to record not just
financial transactions but virtually everything of value.

D O N TA P S C O T T & A L E X TA P S C O T T
AUTHORS; BLOCKCHAIN REVOLUTION
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Ref. Fig1 Simplified Diagram of a Blockchain from Bosu, Amiangshu & Iqbal, Anindya & Shahriyar, Rifat & Chakraborty,
Partha. (2019). Understanding the motivations, challenges and needs of Blockchain software developers: a survey.
Empirical Software Engineering. 24. 10.1007/s10664-019-09708-7.
How does the
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1. RECORDING TRANSACTIONS

blockchain People make digital transactions (e.g. buying or selling cryptocurrencies)

work? 2 . V E R I F I C AT I O N A N D G R O U P I N G

Computers check these transactions and put them together in a list.

3. ADDING SECURITY

The list is given a unique (hash) code for security.

4. CHECKING BY THE NETWORK

The list is shared with many computers in the network to make sure it's valid.
5. ADDING TO THE CHAIN

Once approved, the list is added to a chain of other lists, creating a secure
history.
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Blockchain innovation
DIFFERENT ASPECTS OF

in Businesses
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Sean Pollock @ Unsplash

Corporate Corporate governance is the system of rules, practices, and processes by

Governance which a company is directed and controlled, ensuring accountability,
fairness, and transparency in its operations.
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Corporate Governance Problems : Blockchain Solutions

• Lack of transparency: Improves transparency of company.
• Lack of responsibility: Automatic transactions & execution.
• Fraud and unethical practices: Details cannot be changed.
• Data leakage: Data is secure with blockchain​.

Ref. Fig. 1 Zhang, Y.; Liu, D. Toward Vulnerability Detection for
Ethereum Smart Contracts Using Graph-Matching Network. Future
Internet 2022, 14, 326. https://doi.org/10.3390/fi14110326
9
Smart Contract
A smart contract is a set of promises, specified in digital
form, including protocols within which the parties
perform on these promises. - Nick Szabo
Smart Contract works as follows;
1. Developers code the smart contract on blockchain
platform
2. The code is added to the blockchain after verification by
special computers.
3. Smart contracts can be triggered by a specific action
defined by a code.
4. Computers execute the contract's instructions to change
information or perform tasks.
5. The completed tasks are recorded on the blockchain for
everyone to see.
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Uses of Smart Contract

Smart contracts have a wide variety of applications. For corporate
governance its used for;
• Shareholder Voting
• Following law
• Transparent salaries
• Easy Auditing
Decentralized Autonomous Organizations (DAOs) are entities governed by pre-coded rules
and managed through smart contracts on a blockchain, operating without a central authority.​
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Markus Winkler @ Unsplash

Corporate Corporate finance refers to the financial activities and decisions related
Finance to running a corporation, including managing capital structure,
investments, and financial risks.
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Corporate Finance Problems : Blockchain Solutions

• Costly Data Management: Cuts expenses of Data management
• Central Authority Reliance: Decentralized system of blockchain
• System Integration Issues: Easier collaboration in financial
systems
• Information Sharing Challenges: Secure data sharing
• Regulatory Adherence Challenges: Eases law compliance
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Cryptocurrencies
Cryptocurrency is a digital currency that
operates independently of central banks,
relying on encryption techniques and
decentralized networks.
It offers businesses faster cross-border
transactions, increased privacy and security,
and direct ownership and control of digital
assets, fostering innovation and financial
independence.
ALVARO FDEZ.ETXEBERRIA
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Digital Tokens & Digital tokens, operating within the blockchain (majorly Ethereum),
Block Exchanges act as representations of various assets, serving as currency or
rewards. These tokens enable streamlined interactions between
different clients and contracts.
In the context of block exchanges, digital tokens can represent
traditional securities, such as stocks and bonds, offering increased
efficiency, security, and transparency in trading and asset
management. It could be integrated into stock exchange systems
for efficient transactions.
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Jacques Dillies @ Unsplash

Supply Chain Supply chain management is the coordination and optimization of

Management activities involving the flow of materials, products, and information
across a network of organizations.
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Supply Chain Management Problems : Blockchain Solutions

• Lack of Transparency: Real time tracking of goods.
• Counterfeit Products: Unique code avoids fake products
• Record-Keeping: Removes human error in recordkeeping.
• Slow Transactions: Faster cross border transactions
• Complex Supply chain: Blockchain simplifies supply chains system
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S O M E E X A M P L E S O F C O M PA N I E S A D O P T I N G I T

KODAKONE J . P. M O R G A N C H A S E & C O WALMART & IBM MAERSK & IBM

Intellectual property rights Cross Border Payments Supply Chain Management Logistics
Kodak used blockchain to help J.P. Morgan used blockchain to make Walmart used blockchain to track Their blockchain platform
photographers protect their work payments faster and cheaper. food quickly, ensuring safer products. streamlined global trade, enhancing
and get paid fairly efficiency and simplifying procedures.
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Challenges in Adoption of
AN INSIGHT INTO

Blockchain Technology
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Technical Challenges
• Slow processing
• High Demand of resources like Data
Centers & Servers
• Difficult to use it
• Two blockchain networks aren't
compatible

Shubham Dhage @ Unsplash

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Non-Technical Challenges
• Lack of Skills and Knowledge in Society
• Replacing old systems is challenging
• Costly to develop and use blockchain
• Lack of laws and regulations for it
• Protecting privacy is problem
• General public is yet to accept

NASA @ Unsplash
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