What is blockchain?
The block chain is a database of information. This information is not stored in a single place, but across a variety of data servers that participate in the network, this is what is meant by “decentralized” there is no central point. Identities are kept completely private, through the cryptography, however all transactions that happen on the block chain are open to viewing by anyone at any tie for always.
Trust in the block chain is enough to transact with anyone. Every record that’s written on a block chain is secured by a unique cryptographic key, making the block chain and it’s information immutable.
How Does a Block chain Work
- A user requests for a transaction
- A block representing the transaction is created
- The block is broadcast-ed to all the nodes of the network
- All the nodes validate the block and the transaction
- The block chain is added to the chain
- The transaction gets verified and executed
How to create a blockchain transaction?
- When 2 parties initiate a transaction, blockchain assigns an encryption
- Blockchain verifies the transaction and creates a block
- The new block is appended to the blockchain
- The blockchain transaction is now complete and the ledger is updated
- Database: Block chain is a unique shared database technology. A block chain project must use a structured data repository
- Mistrust: Block chain implies multiple non-trusting writers. They don’t allow other users to modify their entries.
- Interaction: The block chain transactions often depend on another writer’s transactions created collaboratively without exposing the parties to risks
- Writers: Block chain relies on multiple writers who generate transactions modifying the database
- Disinter Mediation: No central gatekeeper needed to verify transactions and authenticate their sources
- Rules: The database is modified by various non-trusting writers. It must contain integrated rules that restrain the transactions and define legitimate transactions.
7 Ways the blockchain can help the environment
- Environmental treaties: Track real impact and compliance of environmental treaties decrease fraud and manipulation
- Non-Profits: Track where donations are going decrease inefficiency and bureaucracy in charities
- Carbon Tax: Calculate tax for products based on carbon footprint create a reputation system for companies based on emissions
- Changing Incentives: Align incentives with sustainable practices create incentives for people to act in sustainable ways
- Supply Chains: Transparently track products from origin to store shelf reduce carbon footprint and unsustainable practices.
- Recycling: Encourage recycling by providing tokenized reward track and evaluate efficacy of recycling programs
- Energy: Increase efficiency with P2P electrical grids improve access to power in areas with poverty or natural disasters.
Enterprises Which are Implementing Block chain Technology
- Apple: Patented block chain technology for time stamping data
- Facebook: Exploring the use of block chain to enhance data security and users privacy.
- Google: Exploring the use of block chain technology to enhance cloud services security and for data protection.
- Baidu: Using block chain to enhance intellectual rights management.
- Ford: Leveraging block chain technology to enhance the mobility of technologies.
- Toyota: Planning to use block chain technology to enhance autonomous driving technology
- British Airways: Implementing block chain to manage flight data as well as verifying travelers identity
- AIA Group: Launched the first of it’s kind bancassurance for sharing policy data
- United Health Care: Using block chain technology to improve doctors directories to enable accurate insurance claim fillings.
- MetLife : Using block chain technology for storing patients medical records for insurance purposes.
- Walmart: Using block chain technology to track product movement from farmers to stores.
- Samsung: Intends to use block chain technology to enhance supply chain management when it comes to electronics shipments.
- UPS : Block Chain powered logistics monitoring and management solution
- Maersk: Block chain system for tracking movement of shipments between ports.
- Nestle: Using block chain technology in supply management to track baby food products.
- FeedEx: Working on block chain solution for setting customer disputes.
- BHP Billiton: Leveraging block chain technology for supply chains management.
- Prudential: Unveils a block chain powered trading platform for small and medium sized enterprises.