By Chetaphan Siridanupath, Senior Visionary Architect-KBTG February 21,2017
The Origin of Blockchain
In any modern business transaction, be it transferring money, buying and selling real estate, trading stocks, or even financial guaranteeing, there is a need for a trustworthy intermediary, such as a bank, a securities company, or a government agency. Such an intermediary essentially act as a neutral ‘middleman’, they facilitate transactions and ensure that the transactions satisfy the appropriate business and legal framework.
Questions have been raised on the need for these intermediaries, is there a way to eliminate intermediaries while ensuring that business transactions are reliable, fair and transparent?
Blockchain is the solution. Using Blockchain technology, all parties act as auditors of business transactions. Blockchain is essentially a distributed ledger with no central ledger keeper. Each time a transaction occurs, each party involved will validate the transaction, when the transaction is validated, a ‘block’ of data of the transaction is added to a linear chain of blocks. A copy of this chain of blocks is kept in each party’s ledger, so all the ledgers are in sync. If anyone attempts to modify data in a block, then that individual’s ledger would be out of sync with the others in the network, thus, the possibility of fraudulent activities is greatly reduced.
Main Features of the Blockchain Technology
- Efficiency: Every transaction is processed once in one shared ledger, blockchain reduces redundancy and delays that exist in bureaucratic intermediaries
- Transparency : Any party can look at the shared ledger
- Immutability of data : When a block is added to the blockchain, it is impossible to modify that block, the data is immutable, rendering fraudulent activities impossible
KBTG has harnessed the power of the Blockchain, especially the immutability of data, to develop the technological solution ‘OriginCert’. ‘OriginCert’, which comes from ‘Original Certified’, is a technology that uses Blockchain to certify originality of any electronic document.. KBTG has developed the OriginCert API (Application Program Interface) to facilitate collaboration with partner companies. Collaborators can use the OriginCert technology through the API in a seamless and convenient way. KBTG’s vision for OriginCert is for it to be a reliable and trustworthy platform for a paperless society.
KBTG has applied the OriginCert technology to the management of Letters of Guarantee.
In 2016, IBM did a survey on 200 financial institutions in 16 countries and found out that most banks are interested in and are developing Blockchain technologies. IBM predicted that in 2017, at least 15% of the surveyed banks will incorporate Blockchain technology into their operations and products.
Watch full VDO : https://youtu.be/DPv13ceFFN0?list=PLO1nSjsWYy52eJ8GULsnwON8dZ3KLgrYL
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Based on a presentation given by Mr. Chetaphan Siridanupath, Senior Visionary Architect - KBTG At KBTG - Comnovation Season 2, Episode 2, 21st of February 2560, K-Stadium