Blockchain is digitized, is de- centralized, transactions are tamper-proof (meaning if you want to update a record, it is a new transaction and has to be agreed by all parties involved), it enforces the transparencies. Participants must be identified/identifiable, Networks to support high transaction throughput performance and low latency of transaction confirmation. The participants in a network may be competitors in the same industry and may not 100% trust each other; but the defined governance model such as a legal framework to handle disputes can bring required level of trust between participants, Privacy and confidentiality of transactions is the key. If we consider the same supply chain use case we discussed earlier, some suppliers might be given preferred rates as a means of either solidifying a relationship, or promoting additional sales. If every participant can see every contract and transaction, it becomes impossible to maintain such business relationships in a completely transparent network – everyone will want the preferred rates!
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