May 4, 2017 BY iTGRC Asia
block chain – where growing adoption seems imminent, information and technology governance, risk and control will offer more to the formalization of standards and practice before ...
Break or Go with the Chain?
block chain – where growing adoption seems imminent, information and technology governance, risk and control will offer more to the formalization of standards and practice before greater adoption.
The potential to radically change how industries and societies operate, it now claims to cut across the boundary of business, sectors and industry to satisfy the growing consumer urge and business needs for speed, efficiency, transparency, independence and security, and eventually expands into a “boundless” space more than the stereotyped business process has handled them today.
In semi layman term, the technology uses a decentralized ledger approach to record transactions. When a transaction is created and processed, they are padded with them other transactions, packaged into a "block" and recorded across a network of systems flowing from point to point internally and externally, a vast of which will require confirmation of transaction in order to be accepted (authorized and authenticated) as legitimate entity. The block will then be time-stamped (traceability) with a cryptographic (encryption) hash. Each block will contain reference (traceability) to the previous block's hash, thus creating a series of records, which is considered taking longer to contravene, in a chain that cut through the boundary of business and industry.
With a series of security measures and risk controls that offer the very basic governance when one moves product from A to B through their supply-chain and to the last mile delivery, it aims to eliminate middleman and relying on business processes automation, thus the role of intermediaries will change and even disrupted.Look forward to an evolutionary "genetic transformation" of life today.