By now, you have probably seen all the excitiment around using the
Blockchain. There a several reasons the Blockchain is proving to be an exciting technology.
Establishing trust through transperancy is a critical
feature of the Blockchain.
- The Blockchain was designed for secure
transfer of money across parties that do not trust each other.
- The Blockchain
operates without a central authrority.
- The Blockchain
establishes accountantability and
trust through its architecture that establishes transperancy and traceability.
enhances trust and security which is critical when there is no central authority.
- The Blockchain is a ledger where data can be written but not changed.
- Copies of the ledger are distributed across nodes on the network.
- Having hundreds or thousands of copies of the data protects it because forging it would involve forging countless copies.
- Consensus rules estabish whether a copy is valid.
Concensus rules protect the
Blockchain by estabishing rules that everyone enforces.
- The Blockchain provides rules regarding how transactions are handled.
- These rules are enforced through concensus.
- Concensus allows the Blockchain to work without a central
authority making the rules.
- Concensus rules are built into the platform and execute automatically.
The Blockchain framework
naturally manages the transfer of assets across by ownership.
- Applies rules for transfer and validation of assets being transferred.
- Establishes a framework for determining who has what and where something is.
- Provides a standard communication platform amoung trading partners.
The Blockchain provides
proof of authenticity because of the technologies behind it.
- The history of a product is established as it is created.
- A products history is timestamped by its activity on the blockchain.
- Past data or history cannot be forged since data must be added to the blockchain in order.
- Documents and data can be verified by cryptographic signatures on the blockchain.
Establishing a common Blockchain
network means Blockchain users can go to a single trusted location for the data they need.
- Single location to get information related to assets and asset transfer.
- Protected by DTL, Consensus, and Cryptography.
- Data on the Blockchain can be used to validate documents and data off the network using signatures and hashes.