Blockchain - Distributed Ledger Technology: a stitch in time

Blockchain and Distributed Ledger Technologies (DLTs) are bringing disintermediation to nearly all industries, from the Financial Services Industry to other sectors like Healthcare, Energy, Telecommunications, and Supply Chain. In practice, blockchain technology offers a new way to trade, invest, and share information – including cash, property assets, or intellectual property – in a secure, transparent, and efficient way.

What is Blockchain?

DLTs can be defined as digital and distributed transaction ledgers that stores blocks of data shared across a network of computer nodes. More specifically, blockchain technology consists in a decentralized ledger that operates in a transparent environment. Each block of the ledger contains data about transactions that have been executed on the platform. In order to add a block to the ledger, every computer node of the network needs to verify and validate it. Thanks to this verification the system does not need an intermediary to check transactions. Information stored in a blockchain can never be deleted and serves as a verifiable and accurate ledger of every transaction made within the system.

Challenges

Blockchain can help in many domains, but the technology must still improve in some areas.

How Deloitte can help

Deloitte Luxembourg is one of the blockchain pioneers in the country. We created a Blockchain Lab in early 2015 and built our competences around technical and functional topics. Thanks to our blockchain knowledge and our subject matter expertise, we are in a position to provide a range of services to our clients: knowledge-building, broad network access, prototyping, and implementation.