Block Chain Technology

Subdecks (1)

Cards (17)

  • Definition
    <- a method of recording information that makes it impossible or difficult for the system to be changed, hacked or manipulated
  • digital ledger
    1. a distributed ledger that duplicates and distributes transactions across the network of computers
    2. A structure that stores transactional records, storage is referred to as a digital ledger

    3. every transaction is authorized by a digital signature of the owner, authenticates transactions and safeguards it from tampering

    4. anybody can view transactions but unable to corrupt it
  • How it works
    1. stores information from finance, product tracking to shipping details
    2. Cryptographic keys/digital signature - performs successful transactions between the two parties, private and public keys.
    3. peer to peer network containing a shared ledger - a group of individuals who act as authorities use the digital signature to reach a consensus on transactions.
  • Benefits
    1. Enhanced security
    2. Greater transparency
    3. instant traceability
    4. increased efficiency and speed
    5. automation - reduces human intervention
  • Challenges
    1. scalability - slow and inefficient when in high demand
    2. energy consumption
    3. security breaches
    4. complexity
    5. interoperability - protocols and standards no working together