Blockchain technology
There are three definitions of the word Blockchain in use that are considered acceptable. By this term we mean:
- Decentralised consensus mechanism;
- Distributed registry type;
- The data structure.
According to some, only the fulfilment of all these elements is conditioned by Blockchain, according to others at least one is sufficient. This approach means that today we can find really different projects under the term Blockchain from the food market to pro-social initiatives for egovernance.
Decentralized solution
And here comes the first question — how to use blockchain in business to make it legal?
In principle, blockchain is open. This fantastic solution means that everyone can participate in it — whether it’s a transaction authorisation person, a wallet person or a developer — there are no contradictions. This causes a few important problems — what if someone who participates and is part of the network is dishonest? This implies many risks associated with the operation of Blockchain.
Open source project
Therefore, closed blockchains have appeared. Such as Hyperledger. These allow Blockchain to be used in a number of highly regulated business areas.
Hyperledger is an open source project that came out of the LF and was created in order to help advance cross-industry blockchain technologies. It’s a global open source collaboration involving leaders from numerous industries.
Enterprises are often required to adhere to various industry compliance and technology governance requirements, so it’s important to consider the implications of open technology. While it is a well-understood fact that blockchain technology powers a business network, the issues around compliance adherence and technology governance can have an exponential impact on the cost of technology consumption, governance and maintenance.
However, it is not always necessary to use this solution. Wee will be happy to help you with the tokenization. For this purpose you can use an open blockchain such as Ethereum, which is ideal for ICO initiatives and other tokenizations. In order to keep control over the project, it is worth to use experienced advisors. Our team will be happy to help you so that you don’t have to worry about the threats of an open blockchain, but only present an idea and use our advice.
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