BLOCKCHAIN- A DEEP DIVE
What is Blockchain?
Blockchain is a distributed, unchangeable ledger that makes recording transactions and managing assets in a corporate network much easier. A tangible asset (a house, car, cash, or land) can be intangible (intellectual property, patents, copyrights, branding). On a blockchain network, virtually anything of value may be recorded and traded, lowering risk and cutting costs for all parties involved.
Why blockchain is important?
Information is the lifeblood of business. The faster and more accurate it is received, the better. Because it delivers immediate, shareable, and entirely transparent information kept on an immutable ledger that can only be viewed by permissioned network users, blockchain is excellent for delivering that information. Orders, payments, accounts, production, and much more may all be tracked using a blockchain network. You can see all facts of a transaction end to end since members share a single view of the truth, providing you greater confidence as well as additional efficiencies and opportunities.
ELEMENTS
1. Distributed ledger technology- The distributed ledger and its immutable record of transactions are accessible to all network participants. Transactions are only recorded once with this shared ledger, eliminating the duplication of effort that is common in traditional corporate networks.
2. Immutable records- After a transaction has been logged to the shared ledger, no participant can edit or tamper with it. If a mistake is found in a transaction record, a new transaction must be made to correct the error, and both transactions must then be visible.
3. Smart contracts- A collection of rules called a smart contract is stored on the blockchain and executed automatically to speed up transactions. A smart contract can specify requirements for corporate bond transfers, as well as payment terms for trip insurance..
HOW THIS WORKS
As each transaction occurs, it is recorded as a “block” of data
These transactions depict the movement of a tangible (a product) or intangible asset (intellectual). The data block can store any information you want, including who, what, when, where, how much, and even the state of a shipment, such as the temperature.
These transactions depict the movement of a tangible (a product) or intangible asset (intellectual). The data block can store any information you want, including who, what, when, where, how much, and even the state of a shipment, such as the temperature.
Transactions are blocked together in an irreversible chain: a blockchain
Each successive block reinforces the prior block’s verification, and hence the entire blockchain. The blockchain becomes tamper-evident as a result, giving the key strength of immutability. This eliminates the risk of tampering by a hostile actor, and creates a trusted record of transactions for you and other network users.
TYPES OF BLOCKCHAIN NETWORKS
There are several ways to build a blockchain network.
1. Public blockchain networks
2. Private blockchain networks
3. Permissioned blockchain networks
4. Consortium blockchains
(IBM,2022)
SHOULD YOU TRUST BLOCKCHAIN?
Because it reflects a shared record of the truth, it fosters trust. Other new technologies that drastically boost efficiency, transparency, and confidence will be powered by data that everyone can trust.
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