Blockchain is a member of the Distributed Ledger Technology (DLT) family of technologies.

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We consider Blockchain as an enabling technology with the potential to revolutionise numerous long-standing operating models. At the core is an immutable chain of shared digital records, effectively a database replicated to and used by interested parties that do not necessarily need to know or trust each other. These records enable various use cases, examples include:

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• as a transfer of valuable assets; to enact currency or land-ownership transactions between entities without the need for intermediaries. These transactions (the truth) are stored under cryptographic keys in a distributed ledger forming the system of record. Best known examples are Bitcoin, Ethereum and Ripple.

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• for personal identity and healthcare records; to provide a single source of truth; curated, owned and controlled by the individual; processed and contributed to by interested parties.

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• for enhanced supply chain auditability; by enabling end-to-end tracking in critical industries such as food and aerospace the complete and immutable chain of records underpins consumer safety and confidence.