Block Chain Technology

• 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