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Blockchain

Creating traceability and transparency in transactions and processes.

The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances, which is virtually impossible.

The ins and outs of Blockchain

The fact that it is a decentralised blockchain means that there is no central administrator, similar to how, for example, a bank has a central database. Instead, it can be seen as a network of identical databases that are either private or public. Private means that membership is limited. Public means that anyone with an internet connection has the opportunity to gain access. For cryptocurrencies such as Bitcoin, a private key and a public key are used. Everyone has access to the public key and can verify that a transaction is correct, but only the holder has access to the private key.

Blockchain

Benefits of blockchain technology:

Transparency

Visibility and transparency into where everything is logged and documented. This can help for supply chains, inter-company transactions, and contracts between multiple parties.

Trust within the ecosystem

Information cannot be erased within the chain and all participants can only add new information.

Security

The right information given to the right people, where everybody involved in the process is identified.

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