It is a decentralised ledger:
– A decentralised ledger is distributed amongst the computer nodes who run the blockchain, so there is no single point of failure, and more importantly, no single person or organisation controlling the network.
– To be part of the blockchain ecosystem, each person adding a transaction has to be validated for, and thus, everyone can trust the people and the transactions that make up the blockchain community.
It carries a cryptographic fingerprint:
– A cryptographic fingerprint, unique to each block, is a proof of work by miners who have to solve a complicated algorithm using a great deal of computing power to add a block to the blockchain.
– Each block of transactions is hashed and copied to each node, a new block will include a hash of the whole history, practically making any changes of the historical data extremely time consuming and costly.
Represents a single version of the truth:
– If you have a supply chain where the actors or data isn’t trusted as authentic, the blockchain provides an opportunity to filter such actors and enables trading only with authentic people.
Transparency:
– Everyone who has been approved in the ecosystem has visibility of the data, anytime they want, through logging into the portal.
– Depending on the business model, you can design it so that only some actors are allowed to view data, or that everyone is allowed to view it.
You can learn more about blockchain and find other videos on its applications here: https://financeunlocked.com/blockchain-and-the-tangle-1-3-introduction/
Brian is the founder and Chairman of the IBCS Group, market leaders throughout Central and Eastern Europe providing barcode, RFID, and blockchain enterprise solutions. He is also on the advisory board of the IOTA Foundation, an open feeless scalable DLT and a protocol for IoT and a member of the APPG (All Part Parliamentary Group) on Blockchain. Raise the Bar Change the Game is his first book.
You can find more of Brian’s videos here: https://financeunlocked.com/expert/brian-marcelfinanceunlocked-com/
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