Blockchain

Blockchain is a decentralized and distributed ledger technology that ensures data security and reliability. Blockchain drives service innovation, enhances services, and supports modernization in these ways:

• Transparency and reliability: Blockchain technology stores all transactions and data records transparently and securely. This improves data reliability and transparency for businesses, removes the need for traditional intermediaries, and lowers operational risks.
• Smart contracts and automated execution: Smart contracts are automatic agreements for the blockchain that execute based on set conditions and rules. They are widely used in supply chain management and financial services. Smart contracts boost transaction efficiency, cut manual steps, lower costs, and prevent fraud and disputes.
• Disintermediation and friction reduction: Blockchain removes many intermediaries, making transactions faster, cheaper, and smoother. For example, enterprises can use blockchain for quick cross-border payments and fund clearing, cutting out intermediary banks or payment firms.
• Decentralized applications and community economy: Blockchain technology supports decentralized applications. Enterprises can use blockchain to create platforms for decentralized applications that allow direct user transactions and value transfers. This model can boost user involvement, share value, and foster innovation and collaboration.