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Thousands of companies are currently researching and developing products and ecosystems that run entirely on the burgeoning technology. Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.
A blockchain is valuable partly because it comprises a chronological string of blocks integrating all three types of flows in the transaction and captures details that aren’t recorded in a financial-ledger system. Moreover, each block is encrypted and distributed to all participants, who maintain their own copies of the blockchain. Thanks to these features, the blockchain provides a complete, trustworthy, and tamperproof audit trail of the three categories of activities in the supply chain. A simple analogy for understanding blockchain technology is a Google Doc.
Blockchain technology offers a way for untrusted parties to reach agreement on a common digital history. A common digital history is important because digital assets and transactions are in theory easily faked and/or duplicated. Blockchain technology solves this problem without using a trusted intermediary. Blockchain technology offers a way for untrusted parties to reach a consensus on a common digital history.
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While this is often a difficult one to get your head around, the open source nature of it means that we have the opportunity to see all sorts of opportunities realized. An individual can send, receive money and financial documents within a couple of minutes, this reduces the burden of waiting for hours together. Since everything is displayed on the network, there are very fewer chances that there would be any kind of discrepancy that can be created. Blockchain has the potential for many use cases, applicable to a multitude of industries, and BaaS facilitates that movement from ‘disruptive’ into ‘mainstream’. The Blockchain is a foundational technology, like TCP/IP, which enables the Internet. And much like the Internet in the late 1990s, we don’t know exactly how the Blockchain will evolve, but evolve it will. In the past, each of those entities along the lettuce journey had their own version of the truth as to where the lettuce came from, how it got to them and where it went from there — but they didn’t share the information with each other.
The scope of blockchain applications has increased from virtual currencies to financial applications to the entire social realm. Based on its applications, blockchain is delimited to Blockchain 1.0, 2.0, and 3.0. The representative paper for cluster “blockchain technology” was published by Lansiti and Lakhani , who analyze the inherent features of blockchain and pointed out that we still have a lot to do to apply why blockchain is important for business blockchain extensively. Other researchers have explored the characteristics of blockchain technology from multiple perspectives. For example, Xu explores the types of fraud and malicious activities that blockchain technology can prevent and identifies attacks to which blockchain remains vulnerable. Meanwhile, Aune et al. propose a cryptographic approach to solve information leakage problems on a blockchain.